Gifts Galore Inc. borrowed $$1\mathrm{.}95$ million from National City Bank. The loan was made at a simple annual interest rate of $15\%$ a year for $3$ months. A $20\%$ compensating balance requirement raised the effective interest rate. Do not round intermediate calculations. Round your answers to two decimal places.

The nominal annual rate on the loan was $11\mathrm{.}5\%.$ What is the true effective rate?

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What would be the effective cost of the loan if the note required discount interest?

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What would be the nominal annual interest rate on the loan if the bank did not require a compensating balance but required repayment in three equal monthly installments?

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