7.

You borrowed $50,000 from a friend five years ago to start a business. You repaid the loan by making semiannual payments of $5,000 for the first three years followed by semiannual payments of $9,000 for the latter two years. What nominal annual interest were you charged on this loan?

Select one:

a. 4.71%

b. 6.14%

c. 7.58%

d. 9.41%

e. none of the above