Wilson needs $10,000 and Guido has agreed to lend him the $10,000 if he makes 10 monthly payments to Guido in the amount of $1,100, to be paid at the end of each month. Because the total amount to be repaid is $11,000, Guido points out that the interest rate is his customary 10% ($1,000 in interest on a $10,000 principal loan). What is the effective annual rate (E.A.R.) on this loan?