A bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $50.00 at the end of each month and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? Group of answer choices

a. 6.17%

b. cannot be calculated

c. 10.38%

d. 8.90%

e. 9.86%