A loan of $24,000 is to be repaid within one year with level monthly payments, due at the beginning of each month. The 12 payments equal $2,000 each. A finance charge of $539 is also due with the first payment. Which of the following is closest to the effective annual interest rate on the loan? [3.h-i #15] 5% O 5.2% 5.1% 5.3% O 4.9%