The lead bank of a syndicated loan has structured a $$140$M financing to be repaid in ten semi$-$annual payments of $$17,476,222\mathrm{.}72.$ The lead bank is asking for an upfront fee of $1\mathrm{.}60\%$ on the loan amount payable at the time of disbursement. The borrower has the choice to include the upfront fees in the reimbursements. In this case, the bank will ask for ten instalments of $$17,700,000\mathrm{.}00.$ What do you recommend to the borrower?

A$.$ The borrower should choose to pay the highest payments, this option represents an effective interest rate of $9\mathrm{.}22\%.$

B$.$ The borrower should choose to pay the highest payments, this option represents an effective interest rate of $9\mathrm{.}02\%.$

C$.$ The borrower should choose to pay the lowest payments, this option represents an effective interest rate of $8\mathrm{.}68\%.$

D$.$ The borrower should choose to pay the lowest payments, this option represents an effective interest rate of $8\mathrm{.}50\%.$