A bank charges $6 for a loan of $120. The borrower receives $114 and repays the loan in 12 installments of $10 a month. The interest rate is approximately:
<spanclass=′latex−bold′>(A)</span>5%<spanclass=′latex−bold′>(B)</span>6%<spanclass=′latex−bold′>(C)</span>7%<spanclass=′latex−bold′>(D)</span>9%<spanclass=′latex−bold′>(E)</span>15%