Hi there, I'd appreciate if you can help me with this question:

In exchange for a $600 million fixed commitment line of credit, your firm has agreed to do the following:

1. Pay 2.0% per quarter on any funds actually borrowed.

2. Maintain a 5% compensating balance on any funds actually borrowed.

3. Pay an up-front commitment fee of 0.190% of the amount of the line.

A) Ignoring the commitment fee, what is the effective annual interest rate on this line of credit?

and

B) Suppose your firm immediately uses $100 million of the line and pays it off in one year. What is the effective annual interest rate on this $100 million loan?

Thank you