1. Pelican Corporation receives a ten-month $200,000 discount interest loan with a 14 percent quoted (simple) interest rate. What is the annual percentage interest rate for the loan? (Round your answer to two decimal places.)?
a. ?15.54%
b. ?14.96%
c. ?14.75%
d. ?16.08%
e. ?15.85%
2. Gale Corporation recently issued 270-day commercial paper with a face value of $100,000 and a simple interest rate of 11 percent per annum. Assuming there are 360 days in a year, what is the commercial paper's annual percentage rate (APR)? (Round your answer to two decimal places.)?
a. ?11.72%
b. ?12.25%
c. ?12.51%
d. ?11.99%
e. ?13.02%