7. Digital Access Inc. needs $370,370 in funds for a project.(Assume the loan term is one year.)

a.With a compensating balance requirement of 9 percent, how much will the firm need to borrow?(Do not round intermediate calculations.)

Amount to be borrowed=

b.Given your answer to partaand a stated interest rate of 15 percent on thetotalamount borrowed, what is the effective rate on the $370,370 actually being used?(Input your answer as a percent rounded to 2 decimal places.)

Effective rate of interest= %

8. The treasurer for the Macon Blue Sox baseball team is seeking a $25,400 loan for one year from the 4th National Bank of Macon. The stated interest rate is 12 percent, and there is a 18 percent compensating balance requirement. The treasurer always keeps a minimum of $1,940 in the baseball teams checking accounts. These funds count toward meeting any compensating balance requirements.

What will bethe effective rate of interest on this loan?(Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

Effective rate of interest= %