The Crane Bank requires borrowers to keep an 9 percent compensating balance. Gorman Jewels borrows $290,000 at a 6 percent stated APR. What is the effective interest rate on the loan? (Round answer to 2 decimal places, e.g. 12.25%.) Effective interest rate % Cullumber Handicrafts, Inc., has net sales of $4.40 million with 50 percent being credit sales. Its cost of goods sold is $2.64 million. The firm's cash conversion cycle is 59.5 days, and its operating cycle is 92.0 days. What is the firm's accounts payable? (Use 365 days for calculation. Round final answer to the nearest whole dollar, e.g. 5,275.)