how to calculate percentage for bank loan?
['Effective Rate on a Simple Interest Loan = Interest/Principal = $60/$1000 = 6%', 'Effective rate on a Loan with a Term of Less Than One Year = $60/$1000 X 360/120 = 18%', 'Effective rate on a discounted loan = $60/$1,000 - $60 X 360/360 = 6.38%']