Gifts Galore Inc. borrowed $1.5 million from National City Bank.The loan was made at a simple annual interest rate of 8% a year for3 months. A 18% compensating balance requirement raised theeffective interest rate.The nominal annual rate on the loan was 11.75%. What is the trueeffective rate? Do not round intermediate steps. Round your answerto two decimal places.What would be the effective cost of the loan if the noterequired discount interest? Do not round intermediate steps. Roundyour answer to two decimal places.What would be the nominal annual interest rate on the loan ifthe bank did not require a compensating balance but requiredrepayment in 3 equal monthly installments? Do not roundintermediate steps. Round your answer to two decimal places.
Gifts Galore Inc. borrowed $1.5 million from National City Bank.The loan was made at a simple annua
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