You have borrowed $20,000 from a bank for a five-year period. You will be making monthly payments on this loan and the interest rate on the loan is 12% per annum with interest compounded monthly.  The effective annual interest rate on this loan is closest to: Group of answer choices A. 1.0% p.a. B. 12.0% p.a. C. 12.4% p.a. D. 12.7% p.a.

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