A finance company offers a "9% plan". The cost of a one-year loan is 9%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $10,000.

a) 9.00% per month

b) 13.38% per year

c) 1.35% per year

d) 17.48% per year