Check my work Problem 8-26 Competing terms from banks [LO8-2] Summit Record Company is negotiating with two banks for a $158,000 loan Fideity Bank requires a compensating balance of 16 percent, discounts the loan, and wants to be paid back in four quarterly payments Southwest Bank requires a compensating balance of 8 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. The stated tate for both banks is 10 percent. Compensating balances will be subtracted from the $158,000 in determining the available funds in part a ebook Hint e-1. Calculate the effective interest rate for Fidelity Bank and Southwest Bank. (Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.) Prim Effective Rate of Interest Fidelity Bank Southwest Bank 10 points