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Mai took out a loan for$6900that charges an annual interest rate of9.1%compounded quarterly. 1Find the amount owed after one year, assuming no payments are made.

Mai took out a loan for$6900that charges an annual interest rate of9.1%compounded quarterly.

1Find 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.$

2Find 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.

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