The Omega Corp. plans to borrow $10000 for a 60-day period. Atmaturity Omega wil

The Omega Corp. plans to borrow $10000 for a 60-day period. Atmaturity Omega will repay the $10000 principal plus interest atan annual rate of 12%. What is the effective rate of interest onthis loan? a. 12.62% b. 12.13% c. 11.47% d. 11.22% The effectiveinterest is determined by (1 + (12%/12)) 12 1 = 12.68%