Kenneth's Arrows and Bows borrow $6,000 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.) a. Less than 9.0 percent b. More than 11.0 percent c. More than 9.0 percent, but less than 10.1 percent d. More than 10.1 percent, but less than 11.0 percent