Question: Mr. Hull borrows $3,500 for one year at 9% stated rate of interest. What is the effective rate of interest in the loan is discounted?

Mr. Hull borrows $3,500 for one year at 9% stated rate of interest. What is the effective rate of interest in the loan is discounted?

Select one:

A. 9.89%B. 12.00%C. 13.19%D. 14.00%

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