The effective rate on a $

$2$

$0$

$,$

$0$

$0$

$0$

$$installment loan with quarterly payments and $

$2$

$,$

$0$

$0$

$0$

$$in total interest for two years is approximately

Multiple Choice

$1$

$6$

$\%$

$7$

$.$

$4$

$\%$

$2$

$9$

$.$

$5$

$\%$

$8$

$.$

$9$

$\%$