Find the APR (Rounded to the Nearest Percent) for the Loan

Multiple Choice

Find the APR (rounded to the nearest percent) for the loan below. Purchased a car for $48,750 at 8.9% add-on interest for 5 years.

A) $2 \%$
B) $9 \%$
C) $45 \%$
D) $18 \%$
E) $15 \%$