25

Question 25 (2.5 points) Listen 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) 9.48% 2) 3.65% 3) 36.53% 4) 4.38% 5) 7.63%