Your company plans to borrow $$5$ million for $12$ months, and your banker gives you a stated rate of $8$ percent interest.

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

a$.$ Simple $8$ percent interest with a $10$ percent compensating balance. $($Use $365$ days a year. Round the final answer to $2$ decimal places.$)$

Annual rate

$8\mathrm{.}89$

$\%$

b$.$ Discounted interest. $($Use $365$ days a year. Round the final answer to $2$ decimal places.$)$

Annual rate

$8\mathrm{.}7$

$\%$

c$.$ An instalment loan $(12$ payments$).($Round the final answer to $2$ decimal places.$)$

Annual rate

$14\mathrm{.}77$

$\%$

d$.$ Discounted interest with a $1$ percent administration fee. $($Round the final answer to $2$ decimal places.$)$

Annual rate

$\%$