East Coast Cleaners borrows $20,000 for 120 days and pays $400 interest. What is the effective rate of interest if the loan is discounted?
A) Less than 5.5%
B) More than 5.5% but less than 6.0%
C) More than 6.0% but less than 6.5%
D) More than 6.5%
Correct Answer:
Verified
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