To buy a home, Nelda borrowed $250,000 for 5 years and paid $60,000 simple interest on loan. The rate of interest he paid is

To buy a home, Nelda borrowed $250,000 for 5 years and paid $60,000 s

1.	To buy a home, Nelda borrowed $250,000 for 5 years and paid $60,000 simple interest on loan. The rate of interest he paid is
A.	8.40%
B.	6.80%
C.	5.60%
D.	4.80%
Answer» E.