8. According to discount rate method for consumer lending, a borrower asks for $3, 600...
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8. According to discount rate method for consumer lending, a borrower asks for $3, 600 for a year with an interest rate of 6% to purchase some furniture. What is the effective interest rate for this loan ?
A.13.6%
B.6.8%
C.6.4%
D.6.2%
F.6.0%
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