You Recently Sold an Antique Car You Owned and Valued

You recently sold an antique car you owned and valued greatly. However, you needed money and agreed to sell the car at a price of $48,000, to be paid in monthly payments of $1,200 each for 48 months. What interest rate did you charge for financing the sale?

A) 8.65 percent
B) 8.75 percent
C) 8.88 percent
D) 9.24 percent
E) 9.49 percent