Shaun decides to buy a new sound system on a time-payment (hire-purchase) plan.
The sound system is priced at $3500.
Shaun pays a deposit of $500 and repayments of $80 per month for five years.
The flat rate of interest charged per annum, correct to one decimal place, is
A. 6.0%
B. 8.7%
C. 10.3%
D. 12.0%
E. 15.3%