Zerox Copying Company plans to borrow $248,000. New Jersey National Bank will lend the money at one-half percentage point over the prime rate at the time of 11.50 percent (12 percent total) and requires a compensating balance of 30 percent. The principal in this case will be funds that the firm can effectively use in the business. This loan is for one year . a. What is the effective rate of interest? (Input your answer as a percent rounded to 2 decimal places. Use a 360-day year) Elective rate of interest % b. What would the effective rate be if Zerox were required to make four quarterly payments to retire the loan? (Input your answer as a percent rounded to 2 decimal places.) Efective rate of interest