Which is a short-term consequence of making a late payment on your bill? it will be harder to buy a house because it affects your credit history. there will be a late fee added to the bill. it will be harder to secure a new loan at a low rate. the bank will charge a fee for having a negative balance.

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?