Abank offers 8.00% on savings accounts What is the effective annual rate if interest is compounded quarterly? Submit Answer format: Percentage Round to: 4 decimal places (Example: 92434% % sign required. Will cocept decima format rounded to 6 decimal places (ex: 0.092434)) Derek borrows $31,624 00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.34% After a 11.00 morts Derek decides to pay of his car loan. How much must he give the bank? Submit Answer Format: Currency. Round to 2 decimal places