Layaway plans permit you, for the fee, to pay for the item over the period of time and then get item when you finish paying for it. In November 2011, Senator Charles E. Schumer of New York warned that holiday layaway programs currently reinstated by many popular retailers were, when you took fees into account, charging interest at the rate significantly higher than highest credit card rates. Assume that you purchased $74 item on November 15 on layaway, with final payment due December 15, and that retailer charged you $5 service fee. Thinking of fee as interest, find simple interest rate r would you be paying for layaway plan?