7. David Puddy is car shopping and plans to buy a 2019 Toyota Corolla. After making a down payment, David plans to borrow $21,000 from his bank. The bank offers 4-year (48-month) car loans. Davids budget allows him to pay $500 monthly (at the end of each month) for the car. What is the maximum monthly interest rate that David can accept to keep his monthly payments to no more than $500 per month?

A. 6.70%

B. 5.56%

C. 0.56%

D. 0.42%