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 8% interest payment every six months. Which is the lower rate? Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. Lo copy/paste a formula across a row o down a column, an absolute cell reference or a mixed cell reference may be prferred. Ifa specific Excel function is to be used, the directions will specifv the use of that fiunction. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in yourformulas usually the Given Data section. 15% 12 Credit card APR Compounding periods Six-month rate Compounding periods EAR credit card EAR parents Which is lower? equirements 1 In cell D11, by using cell references, calculate the EAR corresponding to borrowing on your credit card (1 pt.) In cell D12, by using cell references, calculate the EAR corresponding to borrowing from your parents. Note: Notice that the rate in cell D8 is NOT expressed as an APR.(1 pt.) In cell D15, type either credit card or parents depending on which EAR is the lowest (1 pt.) 3