Auto Emporium just borrowed $$78,500.$ The terms of the loan require the company to make equal quarterly payments forever. The first quarterly payment is due In $3$ months. If the regular quarterly loan payment is $$887\mathrm{.}05,$ then what Is the EAR of the loan?

$4\mathrm{.}60\%($plus or minus $0\mathrm{.}02$ percentage points$)$

$5\mathrm{.}22\%($plus or minus $0\mathrm{.}02$ percentage points$)$

O $5\mathrm{.}01\%($plus or minus $0\mathrm{.}02$ percentage points$)$

$*4\mathrm{.}80\%($plus or minus $0\mathrm{.}02$ percentage points$)$

$*$ None of the other altematives are within $0\mathrm{.}02$ percentage points of the correct answer