Cliff Capital Corporation $($CCC$)$ is taking out a new $2-$year bank loan for $$100,000$ at $6\%$ interest $($APR monthly compounding$).$ The bank charges $1\%$ closing fees on the loan. If CCC pays off the loan in equal monthly installments, then what is the effective annual interest rate of this loan?

Select one:

a$.6\mathrm{.}17\%$

b$.6\mathrm{.}67\%$

c$.6\mathrm{.}99\%$

d$.7\mathrm{.}22\%$

e$.$ None of the above.

Clear my choice