MC Qu. 19 Solving for Rates What annual rate of return is implied on a Sam... Solving for Rates What annual rate of return is implied on a $2.200 loan taken next year when 55.100 must be repaid in year 11? Multiple Choice Problem 5-54 Loan Balance (LG5-9) Hank purchased a car for $25,000 two years ago using a 4-year loan with an interest rate of 6.0 percent. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What's the minimum price Hank would need to receive for his car? Calculate his monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the remaining loan. (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Minimum price