Considering two ways of financing spring break vacation
Question # 00766742
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Updated on: 06/24/2020 08:16 AM Due on: 07/01/2020
You are considering two ways of financing a spring break vacation. You could put it on a credit card, at 12% APR, compounded monthly, or borrow from your parents, who want an interest payment of 10% every six months. (Note be careful not to round any intermediate steps less than six decimal places.)
The effective annual rate on the credit card is? Round to two decimal places
The effective annual rate for the loan from your parent is?
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