Your company plans to borrow $13 million for 12 months, and your banker gives you a stated rate of 24 percent interest.

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

a.
simple 24 percent interest with a compensating balance of 10 percent. (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). (input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

c.
an installment loan (12 payments). (input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

d.
discounted interest with a compensating balance of 5 percent. (use a 360-day year. input your answer as a percent rounded to 2 decimal places.)

effective rate of interest %

Kiona co. set up a petty cash fund for payments of small amounts. the following transactions involving the petty cash fund occurred in may (the last month of the company's fiscal year). may 1 prepared a company check for $350 to establish the petty cash fund. 15 prepared a company check to replenish the fund for the following expenditures made since may 1. a. paid $109.20 for janitorial services. b. paid $89.15 for miscellaneous expenses. c. paid postage expenses of $60.90. d. paid $80.01 to the county gazette (the local newspaper) for an advertisement. e. counted $26.84 remaining in the petty cashbox. 16 prepared a company check for $200 to increase the fund to $550. 31 the petty cashier reports that $380.27 cash remains in the fund. a company check is drawn to replenish the fund for the following expenditures made since may 15. f. paid postage expenses of $59.10. g. reimbursed the office manager for business mileage, $47.05. h. paid $48.58 to deliver merchandise to a customer, terms fob destination. 31 the company decides that the may 16 increase in the fund was too large. it reduces the fund by $50, leaving a total of $500.