You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 17% APR, compounded monthly, or borrow the money from your parents, who want an interest payment of 10% every six months. Which is the lower rate? (Note: Be careful not to round any intermediate steps less than six decimal places.) The effective annual rate for your credit card is % (Round to two decimal places) low Nha You have an outstanding student loan with required payments of $550 per month for the next four years. The interest rate on the loan is 10 APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of 1550, or $200 in total each month. How long will it take you to pay off the loan? (Note: Be careful not to round any intermediate steps less than six decimal places) The number of months to pay off the loan is (Round to two decimal places. If the rate of inflation is 4.1%, what nominal interest rate is necessary for you to earn a 2.6% real interest rate on your investment? (Note: Be careful not to round any intermediate steps less than six decimal places) The nominal interest rate is (Round to two decimal places)