A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?

A loan shark made a loan of $100 to be repaid with $120 at the end of

1.	A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?
A.	2.1
B.	2.2
C.	2.3
D.	2.4
Answer» E.