A bank offers a loan that will requires you to pay$7\%$ interest compoundedmonthly. Which of the following isclosest to the EAR charged by the bank?A$)7\mathrm{.}23\%$B$)5\mathrm{.}78\%$C$)8\mathrm{.}68\%$D$)14\mathrm{.}46\%$