You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 13% 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 fess than six decimal places.) The effective annual rate for your credit card is \%. (Round to two decimal places.) You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate steps less than six decimal places.) a. What is the true monthly rate of interest? The monthly rate of interest is \%. (Round to four decimal places.)