You are considering two ways of financing a spring break vacation. You could put it on your creditcard, at 12% APR, compoundedmonthly, or borrow the money from yourparents, who want an interest payment of 6% every six months. Which is the lowerrate?(Note: Be careful not to round any intermediate steps less than six decimalplaces.)

The effective annual rate for your credit card is __% (round to two decimal places)

The effective annual rate for your parents is __% (round to two decimal places)