Question: Suppose you borrow $ 1 0 , 0 0 0 from your parents to buy a car. You agree to pay $ 2 0 7

Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $207.58 per month for 60 months. What is the annual interest rate? (hint: after calculating monthly rate, multiply the monthly rate by 12.)
a.3% b.4% c.5% d.6% e.7% f.8% g.9% h.10% i.11%

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