If you borrow $3 million for 7 months, calculate your annual effective rate of interest to 2 decimal places (i.e. 12.42% should be stated as 12.42) under the following terms:

1. $250,000 interest payable at the end of the loan period.

2. $250,000 interest payable at the beginning of the loan period ( discounted loan).

3. 7% interest with a 15% compensating balance.