A bank customer is granted credit for a $$5,000$ add$-$on loan at $12\%$ to be repaid in $12$ equal installments. If the loan quoted has an add$-$on rate, what is the approximate annual percentage rate $($APR$)$ on the loan?

A$.$

$21\mathrm{.}46\%$

B$.$

$16\mathrm{.}67\%$

C$.$

$17\mathrm{.}97\%$

D$.$

$19\mathrm{.}91\%$

E$.$

$12\mathrm{.}0\%$