Selim plans to borrow $1,000 from Garanti Bank and agrees to repay it in 12 equal monthly installments of $90 over the following year. However, under this plan, Garanti charges Selim a $12 credit processing fee, which is paid on the credit application date. Assume that Selim's credit will be approved and paid on the same day of his application. Calculate the loan's effective yearly interest rate. Hint: You may use trial-and-error or computer software to execute your calculations for this question.