You would like to purchase a new car. The purchase price of the car will be $20,000. You want to make a $5,000 down payment and then you will finance the remainder at your band over the next 5 years. If your monthly loan payment is $305, what is the effective annual rate of the loan? O 8.12% 0 8.25% O 7.02% O 8.43% O 0.68%