Kenneth's Arrows and Bows borrow $14,000 for one year at 12 percent interest. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) (Select One) More than 14.7 percent More than 13.8 percent, but less than 14.7 percent Less than 12.7 percent More than 12.7 percent, but less than 13.8 percent