You would like to purchase a new car. The purchase price of the car will be $20,000. You want to make a $3,000 down payment and then you will finance the remainder at your band over the next 5 years. If your monthly loan payment is $315, what is the effective annual rate of the loan?

Group of answer choices

4.25%

4.33%

0.35%

4.93%

3.64%