Hi I have already ask this question and i dont understand which one is the answer and why the answer is 7.16% for everything. so if you could explain and post the correct answer that would be great

Problem 8-25 If you borrow $9,500 at $680 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate 7.16 a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments 7.03 6.88 6.95 G Gandi Praveen 41 minutes later Hai there. As per company guidelines expert can only answer first question. Ask remaining question separately. 714 Amount borrowed 715 Interest 716 717 718 Annual payment 719 Semi annual payments 720 Quarterly payments 721 Monthly payment Formulas: B 9500 680 1 Nominal rate Effective rate 7.16% 7.16% 7.03% 7.16% 6.97% 7.16% 6.93% 7.16%