Red Lizard Construction just borrowed $51,900.00. The terms of the loan require the company to make equal monthly payments forever. The first monthly payment is due in 1 month. If the regular monthly loan payment is $520.00, then what is the EAR of the loan?

A rate equal to or greater than 10.94% but less than 11.65%

A rate equal to or greater than 9.82% but less than 10.94%

A rate equal to or greater than 12.37% but less than 13.05%

A rate equal to or greater than 11.65% but less than 12.37%

A rate less than 9.82% or a rate greater than 13.05%