Sly's Used Cars Just Sold You a Clunker (You Need

Multiple Choice

Sly's Used Cars just sold you a clunker (you need it to get to class on time) .You financed the $4,728.48 purchase price for 24 months.They said your payment would be $250.What interest rate did they charge you (assume monthly compounding) ?

A) 10%
B) 12%
C) 16%
D) 19%
E) 24%