You buy some furniture for $600.The department store offers you "no interest for 8 months" after which you can pay the $600 in one lump sum.To take advantage of this deal,the store charges a $25 service fee,which is to be paid today.What rate of simple interest is the store charging you for this "no interest" loan?
A) 0%
B) 5.80%
C) 6.05%
D) 6.52%
Correct Answer:
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