you are comparing interest rates on a mortgage and a car loan in Canada. Canadian car loan APRs are quoted with monthly compounding. if the APR is 5% on both the car loan and the mortgage, you could say that _____ (Recall that mortgages in Canada use semi-annual compound APRs)

a. You would pay a higher effective annual interest rate (EAR) on the mortgage than on the car loan

b. the difference between the APR and the EAR is smaller for the mortgage than for the car loan

c. The EAR of the car loan is the same as that of the mortgage

d. the effective monthly interest rate on the mortgage is 0.4167%

e. the effective monthly interest rate is the same for the car loan and the mortgage