Our company plans to borrow $12 million for 12 months, and your banker gives you a stated rate of 17 percent interest. Calculate the effective rate of interest for the following types of loans:
1. Simple 17 percent interest with a compensating balance of 12 percent.
2. Discounted interest (with no compensating balance).
3. An installment loan (12 payments).
Note: Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.
