You've taken a $250,000 loan to help to finance the purchase of a condominium. Payments on such a loan are typically end-of-month for, say, 30 years. For simplicity here, though, please assume annual, end-of-year payments on a 30-year loan. Each payment is $18,162.23. At the time that you took this loan, you didn't understand interest rates and you just nicely agreed to the size of the payments. Having now learned how to solve for the rate in an annuity problem, calculate (or, more accurately, use the iterative approach to find) the underlying rate per year on this loan.

A. 5.00%

B. 6.00%

C. 7.00%

D. 8.00%