You are considering two ways of financing a spring break vacation. You could put it on your credit card, at $15\%$ APR,

compounded monthly, or borrow the money from your parents, who want an interest payment of $7\%$ 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.$)$