You've worked out a line of credit arrangement that allows you to borrow up to $60 million at any time. The interest rate is .58 percent per month. In addition, 6 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. a. What s the effective annual Interest rate on this lending arrangement? Effective annual rate % b. Suppose you need $20.68 million today and you repay it in six months. How much interest will you pay? Total interest paid $