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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

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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