Question (53/66)
An automotive financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If initial rate of interest is 10%, what will be the effective rate of interest per annum?(A) 10.15 %
(B) 10.25%
(C) 11.00%
(D) 11.50%
Question (54/66)
Mr. Nolan borrowed some money at the rate of 6% PA for the first 3 years, 9% PA for the next 5 years and 13% PA for the period beyond 8 years. If the total interest paid by him at the end of 11 years is USD 8160, How much money did he borrow ?(A) USD 8000
(B) USD 8300
(C) USD 8890
(D) USD 9200