Tom wants to borrow $$30,600$ to purchase a new car today. He can only afford a monthly payment of $$550$ every month for the

next five years.

What is the interest rate on his auto loan $($as in an APR$)?$

A$.3\mathrm{.}01\%$

B$.2\mathrm{.}78\%$

C$.4\mathrm{.}83\%$

D$.7\mathrm{.}84\%$