Lisa took out a loan for $6600 that charges an annual interest of 9.8%, compounded monthly. a) Find the amount owed after one year, assuming no payments are made. Do not round any intermediate computations, and round your answer to the nearest cent. b) Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

chi Financial Formulas I = Prt P = principal or A =P(1+rt) I = simple interest nt r = annual interest rate A =P 1+ f = time or term of investment or loan (in years) or A = Pert A - future value or amount accumulated nt 17 - number of times interest is compounded per year M 1 A = e - Euler's number M = installment payment or monthly payment Y = effective annual interest rate or effective annual yield P 12 M= -12t 12 Y = 1 +