The financial managers at Wallace Corporation are arranging the financing for working capital requirements for the upcoming year. Wallace's local bank offers a discount interest loan at a quoted (simple) interest rate of 12.00%. With a discount interest loan, interest is payable up front, and the actual amount recelved is less than the face amount of the loan. Suppose Wallace applies for a $500,000 loan with a nine-month term. Calculate the interest payment, the amount of cash recelved, the annual percentage rate (APR), and the effective annual rate (EAR) of this loan. What is the nine-month rate if the bank charges a $100 processing fee? 9.02% 13,19% 8.92% 9.91% The financial managers at Wallace Corporation are arranging the financing for working capital requirements for the upcoming year. Wallace's local bank offers a discount interest loan at a quoted (simple) interest rate of 12.00%. With a discount interest loan, interest is payable up front, and the actual amount recelved is less than the face amount of the loan. Suppose Wallace applies for a $500,000 loan with a nine-month term. Calculate the interest payment, the amount of cash recelved, the annual percentage rate (APR), and the effective annual rate (EAR) of this loan. What is the nine-month rate if the bank charges a $100 processing fee? 9.02% 13,19% 8.92% 9.91%