will be needed (assume a 360-day year). a. Calculate the annualized rate of interest on the loan. that you will have to put 15 percent of the loan amount (which you had planned to use to help finance the business) in a checking account. What is the cost of the loan now? c. In addition to the compensating-balance requirement in part b, you are told that interest will be discounted. What is the annualized rate of interest on the loan now? a. The effective rate of interest, or APR, on the loan is \%. (Round to two decimal places.)