Homework: Chapter 5 Homework Hw Score: 80%, 8 of 10 pts Score: 0 of 1 pt 12 of 10 (9 complete) Question Help P 5-4 (similar to) APR, compounded monthly, or borrow the money from your parents, who want an interest You are considering two ways of financing a spring break vacation. You could payment of 10% every six months, which is the lower rate? (Note put it on your credit card, at 16% rate? (Note: Be careful not to round any intermediate steps less than six decimal places) (Round to two decimal places.) The effective annual rate for your credit card is