Question 39 x Your answer is incorrect. Try again. A bank is currently offering a savings account paying an interest rate of 7.80 percent compounded quarterly. It would like to offer another account, with the same effective annual rate, but compounded monthly. What is the equivalent rate compounded monthly? (Round answer to 5 decimal places, e.g. 25.12541%.) Equivalent rate 7.75 Question 60 x Your answer is incorrect. Try again. Su Mei would like to borrow $50,200 to pay one year's tuition at a private U.S. university. She would like to make quarterly payments and finish repaying the loan in 7 years. If the bank is quoting her a rate of 5 percent compounded monthly. Determine her quarterly payment. (Round effective interest rate to 4 decimal places, e.g. 25.1253% and final answer to 2 decimal places, e.g. 125.12.) Quarterly payment 1398.69