General Appliances (GA) offers you the following financing terms for a new washer and dryer with a price tag of $2,489: You make a down payment of $250 now and 36 consecutive monthly installments of $75 (the first payment is due in one month). What is the effective annual interest rate (EAR) implied in GAs financing option? Note: To solve this problem use, for example, Goal Seek in Excel.

Select one:

a. 1.05%

b. 12.6%

c. 13.3%

d. 5.5%

e. 0.45%

f. 10.8%

g. 16.1%

h. 10.0%

NOTE: Please show all the work, without using EXCEL (Step by step with equations) Thanks!