Subject
Bank Exam
Topic
EXIM Bank Ltd. MTO 2013
An automobile financier claims to be lending money at simple interest, 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-
An automobile financier claims to be lending money at simple interest, 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-
ক)
10%খ)
10.25%গ)
10.75%ঘ)
11%Explanation
Let the sum be BDT 100. Then, S.I. for first 6 months = (100 x 10 x1)/(100 x 2)= BDT 5 S.I. for second 6 months = (105x10x1)/(100 x 2)= BDT 5.25 So, amount at the end of 1 year =Related questions
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