You plan to purchase a new Audi for $80,000 from Honest John's Autoworld. Honest John can offer you a rebate of $8,000 or a low financing rate of 1.9% for 60 months, your choice. What is the implicit interest rate Honest John is truly charging?

Group of answer choices

11.94%

1.08%

6.20%

5.56%

3.01%