Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 19 percent interest.

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

a.Simple 19 percent interest with a compensating balance of 14 percent.(Use a 360-day year.Input your answer as a percent rounded to 2 decimal places.)

b.Discounted interest (with no compensating balance).(Input your answer as percent rounded to 2 decimal places.)

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

d.Discounted interest with a compensating balance of 7 percent.(Use a 360-day year.Input your answer as a percent rounded to 2 decimal places.)