Problem 8-17 (Algo) Effective rate under different terms [LO8-2] Your company plans to borrow $5 million for 12 months, and your banker gives you a stated rate of 18 percent interest. Calculate the effective rate of interest for the following types of loans. a. Simple 18 percent interest with a compensating balance of 16 percent. Note: Use a 360 -day year. Input your answer as a percent rounded to 2 decimal places. b. Discounted interest (with no compensating balance). Note: Input your answer as percent rounded to 2 decimal places. c. An installment loan (12 payments). Note: Input your answer as percent rounded to 2 decimal places. d. Discounted interest with a compensating balance of 8 percent. Note: Use a 360 -day year. Input your answer as a percent rounded to 2 decimal places