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:

$ \textbf{(A)}\ 5 \% \qquad
\textbf{(B)}\ 6 \% \qquad
\textbf{(C)}\ 7 \% \qquad
\textbf{(D)}\ 9\% \qquad
\textbf{(E)}\ 15 \%$
1. The borrower receives $ \$ 114 $ and repays the loan in 12 installments of $ \$ 10 $ a month. Therefore, the total repayment amount is:
   \[
   12 \times 10 = 120 \text{ dollars}
   \]
2. The interest charged by the bank is:
   \[
   120 - 114 = 6 \text{ dollars}
   \]
3. The borrower effectively has the use of $ \$ 114 $ for one year. To find the approximate interest rate, we need to calculate the interest as a percentage of the amount received.
4. The interest rate \( r \) can be calculated using the formula:
   \[
   r = \left( \frac{\text{Interest}}{\text{Principal}} \right) \times 100
   \]
   Substituting the values:
   \[
   r = \left( \frac{6}{114} \right) \times 100
   \]
5. Simplifying the fraction:
   \[
   \frac{6}{114} = \frac{1}{19}
   \]
6. Converting the fraction to a percentage:
   \[
   r = \left( \frac{1}{19} \right) \times 100 \approx 5.26\%
   \]
7. The closest answer to 5.26% among the given options is:
   \[
   \boxed{5\%}
   \]