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The SKC Corporation plans to borrow$1,000 for a90-day period. At maturity the firm will repay the$1,000 principal amount plus $ 25 interest. What is the

The SKC Corporation plans to borrow$1,000 for a90-day period. At maturity the firm will repay the$1,000 principal amount plus $25 interest. What is the effective annual rate of interest (APR) for theloan?(Select the best choicebelow.)

A. 10.00%

B. 2.50%

C. 10.38%

D. 2.52%

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