You are considering two ways of financing a spring break vacation. You could put it on your credit​ card, at ​14% APR, c

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answerhappygod
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You are considering two ways of financing a spring break vacation. You could put it on your credit​ card, at ​14% APR, c

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You are considering two ways of financing a spring breakvacation. You could put it on your credit​ card, at ​14% APR,compounded​ monthly, or borrow the money from your​ parents, whowant an interest payment of 9% every six months. Which is thelower​ rate?
Part 1
The effective annual rate for your credit card is what percent? ​(Round to two decimal​ places.)
Part 2 The effective annual rate for the loan from your parentsis what percent ​(Round to two decimal​ places.)
Part 3 The option with the lower effective annual rate is whichoption
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