Your company plans to borrow $$11$ million for $12$ months, and your banker gives you a stated rate of $22$ percent interest.

Calculate the effective rate of interest for the following types of loans.

a$.$ Simple $22$ percent interest with a compensating balance of $22$ percent.

Note: Use a $360-$day year. Input your answer as a percent rounded to $2$ decimal places.

Effective rate of interest

$\%$

b$.$ Discounted interest $($with no compensating balance$).$

Note: Input your answer as percent rounded to $2$ decimal places.

Eff$$ctive rate of interest

c$.$ An installment loan $(12$ payments$).$

Note: Input your answer as percent rounded to $2$ decimal places.

Effective rate of interest

d$.$ Discounted interest with a compensating balance of $11$ percent.

Note: Use a $360-$day year. Input your answer as a percent rounded to $2$ decimal places.

Effective rate of interest

$\%$