Kenneth's Arrows and Bows borrow $13,000 for one year at 13 percent interest. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) O More than 15.1 percent, but less than 16.0 percent O Less than 14.0 percent O More than 16.0 percent O More than 14.0 percent, but less than 15.1 percent