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Please only post if your answer is an answer choice, thanks! A finance company offers a 9% plan. The cost of a one-year loan is

Please only post if your answer is an answer choice, thanks!

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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 exist7,000. 12.51% per year 17.48% per year 1.35% per year 16.22% per month

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