You borrow an amount of $ 18,000 to be repaid over three years. The repayment at the end of each year is $ 6,720. The effective half-yearly cost of your loan is then:

a) between 2.81% and 2.92%

b) no respond

c)between 3.65% and 3.75%

d) between 2.92 and 3%

e) between 5.5% and 6%