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Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $170.00

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Suppose a bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest payments of $170.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? Ca. 6.07% Ob. 6.63% c. 6.21% Od 5.79% Oe, 6.98%

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