I just need help with part d. The correct answer is 14.47%, but I got 15.45%. I'm not sure what I'm doing wrong.

(22-3) Cost of Bank Loans Del Hawley, owner of Hawley's Hardware, is negotiating with First City Bank for a 1-year loan of $50,000. First City has offered Hawley the alternatives listed here. Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate? a. A12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year Interest owned @ t= 1: $50,000 x.12 = $6,000 N = 1; PV = $50,000; PMT = 0; FV = -$56,000; 1% = 12 b. A9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year Compensating balance: $50,000 x.20 = $10,000 Interest owed @t=1: $50,000 x .09 = $4,500 N= 1; PV = $40,000; PMT = 0; FV = -$44,500; 1% = 11.25 C. An 8.75% annual rate on a discounted loan, with a 15% compensating balance Compensating balance: $50,000 x.15 = $7,500 Interest owed @ t=0: $50,000 x.0875 = $4,375 N = 1; PV = $38,125; PMT = 0; FV = -$42,500; 1% = 11.48% d. Interest figured as 8% of the $50,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the year Total interest charge = $50,000 x.08 = $4,000 Monthly installments = ($50,000+ $4,000)/12 = $4,500 N = 12; PV = 50,000; PMT = -$4,500; FV = 0; 1% = 1.204345678 EAR = (1.01204345678)12 1 = 15.45%