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

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

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

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

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

1 Answers

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