I am lent 12,500 and mke 12 monthly payments in the amount of 1,250 at the end of each month starting one month from now. What is the EAR on the loan?...

I am lent 12,500 and mke 12 monthly payments in the amount of 1,250 at the end of each month starting one month from now. What is the EAR on the loan?

The last time I submitted this the EAR came back as 3% but I don't believe that is correct. I don't think I can just use the RATE formula in excel!