The answer is 8.7%, but please show how to get answer on a financial calculator, preferably using TVM if possible for this question. Will give thumbs up

1. 9. On the following loan, what is the best estimate of the effective borrowing cost if the loan is prepaid in six years? Loan: $100,000 Interest rate: 7 percent Term: 180 months Up-front costs: 7 percent of loan amount a) 8.2 percent. b) 8.4 percent. c) 8.5 percent d) 8.7 percent e) 9.0 percent O 7.4% $164,402 8.7 percent. balloon payment