James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan? A) 2% B) 2.4% C) 3% D)3.2%

James borrows $4200 to pay his college tuition. He signs a 5 year simple interest loan. If the monthly payments are $78.40, what is the interest rate on the loan?

A) 2%
B) 2.4%
C) 3%
D)3.2%

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