A farmer is planning to borrow $6,900 for a year. Bank A has an interest rate of 10.22% compounded quarterly. While Bank B has an interest rate of 8.13% compounded annually. (i) Calculate the amount of interest paid to Bank A. a. $732.87 b. $807.78 c. $807.89 d. $657.95 e. None of the answers are correct Enter your response here

(ii) Calculate the amount of interest paid to Bank B. a. $606.68 b. $606.60 c. $560.99 d. $515.38 e. None of the answers are correct Enter your response here

(iii) Calculate the effective interest rate at Bank A. a. 11.71% b. 10.62% c. 9.54% d. 21.93% e. None of the answers are correct Enter your response here

(iv) Calculate the effective interest rate at Bank B. a. 8.13% b. 7.47% c. 8.79% d. 17.70% e. None of the answers are correct Enter your response here

(v) Which loan has the least cost? a. A b. B Enter your response here