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Question 23 (2.5 points) Aarnav just bought a new car. He financed the purchase with a $28,375.00 loan that requires him to pay $527.50 per month for the next 5 years (first payment due exactly one month from today). What is the nominal annual interest rate (i.e., the p.a. rate) that Aarnay is being charged on this loan? ( 1) 36.53% O 2) 7.63% ( 3) 9.48% ( 4) 4.38% ( 5) 3.65% Previous Page Next Page Page 23 of 41