An online bank is offering to pay 0.20% interest per month on deposits. Your local bank offers to pay 0.80% interest quarterly (every 3 months). Which is the higher interest rate? The EAR for the online bank is % (Round to four decimal places.) The EAR for the local bank is %. (Round to four decimal places.) The offer of Vis higher. (Select the best answer from the drop down menus.) 0.80% per quarter 0.20% per month