Question: Coverall Carpets Inc. is considering borrowing $12,000 from the bank. The bank offers the choice of a 12% discount interest loan or a 10.19% add-on, one-year installment loan, payable in four (4) equal quarterly payments. Calculate the approximate (nominal) rate of interest on the 10.19% add-on loan?
[A] 12.00%
[B] 20.38%
[C] 5.10%
[D] 10.19%
[E] 30.57%