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Monk Manley needs $40,000 to buy a new car. Slick Nick has offered to lend him the money if he agrees to repay $1,175 per

Monk Manley needs $40,000 to buy a new car. Slick Nick has offered to lend him the money if he agrees to repay $1,175 per month for the next 4 years. What annual interest rate is being charged on the loan?

a. 18.88%

b. 1.50%

c. 15.32%

d. 18.00%

e. None of these are correct

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