Solve for the appropriate interest rate using a financial calculator or a spreadsheet a. A college student wishes to purchase a new car. In order to pay for the vehicle, the student borrows $12,000 from his parents today (beginning of the current year). Starting at the end of the current year, he must make 6 equal annual payments of $2.200 each. What interest rate is the student paying his parents? (Round your answer to two decimal places, XXX%) The interest rate is