Question: You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 1 2 % APR, compounded

You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 12% APR, compounded monthly, or borrow the money from your parents, who want an interest payment of 9% every six months. Which is the lower rate? (Note Be careful not to round any intermediate steps less than six decimal places.)
The effective annual rate for your credit card is 1268%.(Round to two decimal places.)
The effective annual rate for the loan from your parents is %(Round to two decimal places)
You are considering two ways of financing a spring break vacation.

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