If you borrow $70,000$ from your bank for $8$ years with an annual interest rate is $6\%,$ with payments made monthly, then your annual effective rate will be

$$ A$.6\mathrm{.}68\%$

$.6\mathrm{.}07\%$

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

D$.6\mathrm{.}50\%$