9. Chris bought a $59,500 piece of equipment for his private company. The payment plan called for payments of $7,000 every half-year for 7 years. The effective annual interest rate charged to Chris is closest to ... Note: The first payment occurred 6 months after the purchase. a) 5.51% b) 7.49% c) 8.50% d) 11.37% e) 14.98% f) 15.54% g) 17.30%