Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $250.00 at the end of each quarter and then pay off the principal amount at the end of the year.What is the effective annual rate on the loan?
A)8.46%
B)8.90%
C)9.37%
D)9.86%
E)10.38%

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The Answer of Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $250.00 at the end of each quarter and then pay off the principal amount at the end of the year.What is the effective annual rate on the loan?
A)8.46%
B)8.90%
C)9.37%
D)9.86%
E)10.38%

Suppose a Bank Offers to Lend You $10,000 for 1