Use an Annual Percentage Rate Table to Solve the Problem

Multiple Choice

Use an annual percentage rate table to solve the problem.
-In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays His father back by making 60 monthly payments of $891.08. Determine the APR of the loan to the Nearest one-half of a percent.

A) 8.5%
B) 7.0%
C) 7.5%
D) 9.0%