Check my work Problem 8-19 Effective rate under different terms (LO8-2] Zerox Copying Company plans to borrow $206,000. New Jersey National Bank willend the money at one half percentage point over the prime rate at the time of 15.50 percent (16 percent total and requires a compensating balance of 25 percent. The principal in this case wil be funds that the firm can effectively use in the business. This loan is for one year 1. What is the effective rate of interest? (input your answer as a percent rounded to 2 decimal places. Use a 360 day year) Erective rate of interest 2037 b. What would the effective rate be it Zerox were required to make our quarterly payments to retire the loan? (Input your answer as percent rounded to 2 decimal places.) Effective rate of interest