Problem $8-26($Algo$)$ Competing terms from banks $[$LO$8-2]$

Summit Record Company is negotiating with two banks for a $$143,000$ loan. Fidelity Bank requires a compensating balance of $18$ percent, discounts the loan, and wants to be paid back in four quarterly payments. Southwest Bank requires a compensating balance of $9$ percent, does not discount the loan, but wants to be paid back in $12$ monthly installments. The stated rate for both banks is $10$ percent. Compensating balances will be subtracted from the $$143,000$ in determining the available funds in part a$.$

a$-1.$ Calculate the effective interest rate for Fidelity Bank and Southwest Bank.

Note: Do not round intermediate calculations. Input your answers as a percent rounded to $2$ decimal places.

Answer is complete but not entirely correct.

$\backslash$table$[[,\backslash$table$[[$Effective Rate of$],[$Interest$]]],[$Fidelity Bank,$12\mathrm{.}20,\%$