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If a bank offers a firm a simple interest loan of $1,000 for 120 days at a cost of $60 interest, what is the effective

If a bank offers a firm a simple interest loan of $1,000 for 120 days at a cost of $60 interest, what is the effective rate of interest on the loan?

A) 18%

B) 6%

C) 20%

D) None of the above

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