You are considering two ways of financing a spring break vacation. You could put it on your credit? card, at 12 % ?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? The effective annual rate for your credit card is _______%. ?(Round to two decimal? places.) The effective annual rate for the loan from your parents is _____%. ?(Round to two decimal? places.) The option with the lower effective annual rate is ? your credit card the loan from your parents . ?(Select from? drop-down menu.)