You've worked out a line of credit arrangement that allows you to borrow up to S60 million at any time. The interest rate is.587 percent per month. In addition, 2 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans. Required: (a) What is the effective annual interest rate on this lending arrangement? (b) Suppose you need $28.42 million today and you repay it in four months. How much interest will you pay? You've worked out a line of credit arrangement that allows you to borrow up to S60 million at any time. The interest rate is.587 percent per month. In addition, 2 percent of the amount that you borrow must be deposited in a noninterest-bearing account. Assume that your bank uses compound interest on its line-of-credit loans. Required: (a) What is the effective annual interest rate on this lending arrangement? (b) Suppose you need $28.42 million today and you repay it in four months. How much interest will you pay