(Related to Checkpoint 5.7) (Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 8 percent compounded monthly or from a bank at 9 percent compounded annually. Which alternative is more altractive? If you can borrow funds from a finance company at 8 percent compounded monthly, the EAR for the loan is \%. (Round to two decimal places.)