3. First Bank is sending university alumni an invitation to obtain a 50 credit card, with the name of their university written on it, for a nominal 11.9% interest per year after 6 months of 0% interest. Interest is compounded monthly. If you fail to make the minimum payment in any month, your interest rate could increase (without notice) to a nominal 23.9% per year. Calculate the effective annual interest rates the credit company is charging in both cases