An automobile financier claims to be lending money at S.I., but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes?

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Question:
An automobile financier claims to be lending money at S.I., but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes?

1.10%

2.10.25%

3.10.5%

4.None of These

Posted Date:-2022-02-21 17:38:20

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