You asked your parents to lend you $20,000 on January 1 of this year for a down payment on a house. They agreed, and said you had to repay the loan by making annual payments of $7,000 on December 31 for four years. What annual rate of interest are they charging you?

Group of answer choices

about 15%

over 20%

between 8% and 9%

between 7% and 8%