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Mason is offered two possible payment options to insure his vehicle for the next 12 months: 1) pay $670 today for the 12-month coverage,

Mason is offered two possible payment options to insure his vehicle for the next 12 months: 1) pay $670 today for the 12-month coverage, or 2) make 12 monthly payments, $70 each, starting now. What is the annual interest rate on the implicit loan offered by the second option? 00 000 1.87% 4.41% 52.88% 22.49% 67.18% 37.97% 28.72% 2.62%

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