pital Corporation (CCC) is taking out a new 2-year bank loan for $100,000 at 6% interest (APR monthly compounding).  The bank charges 1% closing fees on the loan.  If CCC pays off the loan in equal monthly installments, then what is the effective annual interest rate of this loan? Select one: a. 6.17% b. 6.67% c. 6.99% d. 7.22%

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