You would like to take a loan for a new car purchase. You stopped by two different banks, Bank #1 and Bank #2, to compare the car loan rates Bank #1 charges 7% per year, compounded monthly Bank #2 charges 6% per year, compounded daily The effective annual rates for the two banks are: (Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to TWO decimal places for example, 1.23) Bank #1: 96 Bank #2 As a potential borrower, you would go with Bank for a car loan This is because this Bank has... (Choose the number from the list below that corresponds to your answer.) 1 ..lower quoted annual rate 2 lower frequency of interest compounding per year 3 ..lower effective annual rate 4 higher quoted annual rate 5 ..higher frequency of interest compounding per year 6 ...higher effective annual rate