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 $340.00 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?
A. 14.31%
B. 16.46%
C. 17.31%
D. 15.88%
E. 15.02%
Answer: A
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