Kenneth's Arrows and Bows borrow $12,000 for one year at 9 percent interest. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) More than 11.0 percent More than 9.0 percent, but less than 10.1 percent Less than 9.0 percent More than 10.1 percent, but less than 11.0 percent