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Ajax Box Company is negotiating with two banks for a $100,000 loan. Midland Bank requires a 20 percent compensating balance, discounts the loan, and wants to be paid back in four quarterly payments. Central Bank requires a 10 percent compensating balance and does not discount the loan, but it wants to be paid back in 12 monthly installments. The stated rate at both banks is 8 percent. Compensating balances and any discounts will be subtracted from the $100,000 in determining the available funds in part a.
Question 1: How much did the compensating balances inflate the percentage interest costs? (Use 365 days in a year. Do not round intermediate calculations. Round the final answers to 2 decimal places.)
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