. The annual $3600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year.
Instead of a single "lump" payment, a member can pay $1600 at the start of the year and defer the
$2000 balance for five months by paying a $75 surcharge at the time of the second payment.
Effectively, what annual rate of simple interest is Oak Meadows charging on the $2000 deferred
payment?
