Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 24 percent interest. Calculate the effective rate of interest for the following types of loans.

A. a. Simple 24 percent interest with a compensating balance of 10 percent. (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). (Input your answer as a percent rounded to 2 decimal places.)

Effective Rate of Interest:

C. An installment loan (12 payments). (Input your answer as a percent rounded to 2 decimal places.)

Effective Rate of Interest:

D. Discounted interest with a compensating balance of 5 percent. (Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

Effective Rate of Interest: