What is the annual interest rate if a simple interest loan of \($10\),000 for 4 years charges a total of \($2\),800 interest? The loan is repaid with a single payment at the end of year 4.

a. 7 percent

b. 28 percent

c. i such that 12;800 = 10; 000(F|P i%;4)

d. Cannot be determined from the information given