credit card has an annual percentage rate of 12.9 percent and charges interest monthly. The effective annual rate on this account:

A) will be less than 12.9 percent.

B) can either be less than or equal to 12.9 percent.

C) is 12.9 percent.

D) caneither be greater than or equal to 12.9 percent.

E) will be greater than 12.9 percent.

Can you please explain step by step and how to plug in the calculator? thanks