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2.00 points Summit Record Company is negotiating with two banks for a $105.000 loan Fidelity Bank requires a compensating balance of 20 peroent, discounts the loan, and wants to be paid back in four quar payments. Southwest Bank requires a compensating balance of 10 percent, does not discount the koan, but wants to be paid back in 12 monthly installments. The stated rate for both banks is 12 percent. Compensating balances will be subtracted from the $105,000 in determining the avalable funds in part a a-1. Caloulate the effective interest rate for Fidelity Bank and Southwest Bank. (Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places ) Effective Rate of Interest Fidelity Bank Southwest Bank 28241% 24.621% a-2. Which loan should Summit accept? Southwest Bank Fidelity Bank b. Recompute the efective cost of interest, assuming that Summit ordinarly maintains $21,000 at each bank in deposits that will serve as compensating balances. (00 not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places Effective Rate of Interest Fidelity Bank Southwest Bank