Scarlett borrowed $ 1,900 from a local payday lender and signed a debt contract requiring her to pay back $2,600 in three months. What is the quarterly rate? And what is the effective annual rate (EAR) of this loan? 2. You are hoping to start up a new business but require start-up capital. You are looking for a cheap loan to help start the business. You see a sign offering loans with a daily interest rate of 0.062%. What are the EAR and APR?