Sam is paying off his eight-year, $15,360 loan in semiannual installments. The loan has an interest rate of 9.58%,
compounded semiannually, and a service charge of $1,294.64. Once the loan has been fully paid off, what percentage of the
total finance charge will the service charge be? Round all dollar values to the nearest cent.
a 5.48%
b. 8.43%
c. 18.55%
d. 15.65%
Please select the best answer from the choices provided