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A loan of $8000 is taken for 4 years at a Banker's Discount of $960. What is the

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Q1
A loan of $8000 is taken for 4 years at a Banker's Discount of $960. What is the rate of interest?
  1. 2%
  2. 3%
  3. 4%
  4. 5%

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A loan of $8000 is taken for 4 years at a Banker's Discount of $960. What is the rate of interest?
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