This question illustrates what is known asdiscount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $15,000 for one year. The interest rate is 14 percent. You and the lender agree that the interest on the loan will be .14 $15,000 = $2,100. So, the lender deducts this interest amount from the loan up front and gives you $12,900. In this case, we say that the discount is $2,100.

Required:

What is the interest rate on this loan?