First National Bank pays 6.1% interest compounded semiannually. Second National Bank pays 6% interest compounded monthly. a. Calculate the effective annual rate for each bank. Note: Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places. b. Which bank offers the higher effective annual interest rate? First National Bank Second National Bank You take out an $8,800 car loan that calls for 60 monthly payments starting after 1 month at an APR of 12%. a. What is your monthly payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. c. Now assume the payments are made in five annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? Note: Do not round intermediate calculations. Round your answer to 2 decimal places