Alex needs to borrow $$5,500$ for four years to pay for new furniture. The loan will be

repaid in one lump sum at the end of the loan term. Which one of the following

interest rates is best for Alex?

$6\mathrm{.}6$ percent simple interest

$6\mathrm{.}80$ percent interest, compounded annually

$6\mathrm{.}5$ percent simple interest

$6\mathrm{.}75$ percent interest, compounded annually

$6\mathrm{.}5$ percent interest, compounded annually