E Homework: Homework 4 Question 12, P5-35 (similar to) Part 1 of 2 HW Score: 66.67%, 8 of 12 points Points: 0 of 1 Save Your uncle Fred just purchased a new boat. He brags to you about the low 6.8% interest rate (APR, monthly compounding) he obtained from the dealer. The rate is even lower than the rate he could have obtained on his home equity loan (79% APR, monthly compounding). But if his tax rate is 24% and the interest on the home equity loan is tax deductible which loan is truly cheaper? The after-tax cost on the home equity loan is 0% (Round to two decimal places)