A Company Purchased Merchandise Inventory at a Cost of $8,500

Multiple Choice

A company purchased merchandise inventory at a cost of $8,500 with credit terms 2/10,net 60.If the company borrows $8,330 to pay for the purchase on the last day of the discount period and pays the loan plus interest in the amount of $8,466.93 on the last day of the credit period,what is interest rate for borrowing money from the bank?

A) 12%
B) 13.5%
C) 11.5%
D) 16%
E) Can't be determined from the information given