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Carey Company is borrowing $300,000 for one year at 14.5 percent from Second Intrastate Bank. The bank requires a 18 percent compensating balance. The principal refers to funds the firm can utilize effectively (Amount borrowed - Compensating balance). a. What is the effective rate of Interest? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest % b. What would the effective rate be if Carey were required to make 12 equal monthly payments to retire the loan? (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest %