question 34

Chris just borrowed $78,000 to buy a new Corvette. The loan requires Chris to pay $1,524.14 per months (first payment exactly one month from today) for 72 months. The annual nominal interest rate on Chris' loan is - p.a. 1) 0.50% 2) 0.99% 3) 5.99% 4) 8.54% 5) 11.98%