Problem $8-17($Algo$)$ Effective rate under different terms $[$LO$8-2]$

Your company plans to borrow $$13$ million for $12$ months, and your banker gives you a stated rate of $20$ percent interest

Calculate the effective rate of interest for the following types of loans.

a$.$ Simple $20$ percent interest with a compensating balance of $12$ percent.

Note: Use a $360-$day year. Input your answer as a percent rounded to $2$ decimal places.

Effective rate of interest

b$.$ Discounted interest $($with no compensating balance$).$

Note: Input your answer as percent rounded to $2$ decimal places.

Effective rate of interest

$\%$

c$.$ An installment loan $(12$ payments$).$

Note: Input your answer as percent rounded to $2$ decimal places.

Effective rate of interest

$\%$

d$.$ Discounted interest with a compensating balance of $6$ percent.

Note: Use a $360-$day year. Input your answer as a percent rounded to $2$ decimal places.

Effective rate of interest