Franklin has transferred his credit card debt to a low interest loan. The annual interest rate on the account is 6%. The following function represents the loan balance after t years if no payments are made. b(t) = 1,250(1.06)

Select the expression that reveals the monthly rate of increase for the loan balance.

A. 1.06/12
B. 0.06^1/2
C. 0.06/12
D. 1.06^12
E. 1.06^1/12
F. 0.0612