Solve the Problem $\mathrm{A}=\frac{2400 \mathrm{f}}{\mathrm{b}(\mathrm{p}+1)}$ Gives the Approximate Annual Interest Rate for a Consumer Loan

Multiple Choice

Solve the problem.
-The formula $\mathrm{A}=\frac{2400 \mathrm{f}}{\mathrm{b}(\mathrm{p}+1) }$ gives the approximate annual interest rate for a consumer loan paid off with monthly payments, where $f$ is the finance charge on the loan, $p$ is the number of payments, and $b$ is the original amount of the loan. Find the approximate annual interest rate for an automobile loan to be repaid in 24 monthly installments if the finance charge on the loan is $\$ 557$ and the original loan balance is $\$ 3590$ . (Round your answer to two decimal places, if necessary.)

A) $14.89 \%$
B) $16.19 \%$
C) $13.59 \%$
D) $15.51 \%$