Problem $2$

The payday loan places mal? you nervous because they charge OUTRAGEOUS rates. You DO keep getting these credit card offers, perhaps you will get another credit card? BUT... You never want to pay more than $12\mathrm{.}5\%$ effective interest rate per year. The card company offers two variations

$2$a$.$ What would be the APR $($Nominal rate per year$)$ if the card compounds every day?

$2$b$.$ What would be the APR $($Nominal rate per year$)$ if the card compounds quarterly?