Question: Initial Knowledge Check Question 9 Josh took out a loan for $6900 that charges an annual interest rate of 9.7%, compounded quarterly. Answer each part.

Initial Knowledge Check Question 9 Josh took out a loan for $6900 that charges an annual interest rate of 9.7%, compounded quarterly. Answer each part. If necessary, refer to the list of financial formulas. (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. X ? $ (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. 1%

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