Kenneth's Arrows and Bows borrow $15,000 for one year at 8 percent interest. What is the effective rate of interest if the loan is discounted?
A) Less than 8.5 percent
B) More than 8.5 percent, but less than 9.5 percent
C) More than 9.5 percent, but less than 10.5 percent
D) More than 10.5 percent

Question

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The Answer of Kenneth's Arrows and Bows borrow $15,000 for one year at 8 percent interest. What is the effective rate of interest if the loan is discounted?
A) Less than 8.5 percent
B) More than 8.5 percent, but less than 9.5 percent
C) More than 9.5 percent, but less than 10.5 percent
D) More than 10.5 percent

Kenneth's Arrows and Bows Borrow $15,000 for One Year at 8