14. Chuck's new car will cost $20,000. How much will his monthly car payments be it gets a loan for 60 months, and the nominal interest rate is 7% per year. In order to start a new business, Miss Sue Me intends to borrow $50,000 from a local bank, The loan contract requires her to repay the loan in five equal Installments of $13,870 at the end of each year. Calculate the annual interest rate on the loan 15