Please solve for the effective rate with solutions and then the discussion questions. In one comment answer only please. Thank you

I 4. Find the effective interest rate for both loans to the nearest hundredth of a percent. Bank Interest Loan Amount Effective Rate Bank One $7727.27 $85,000 Union Bank $7437.50 $85,000 Discussion Question: Assume Hernandez has successfully managed her business for several years. List five reasons she may still need to borrow from time to time