Mathematics
Medium
Question
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 :_________?
A
10%
B
10.25%
✓ Official correct answer
C
10.50%
D
None of these
Community credibility
Registered members can vote for the answer they believe is correct today and explain why. If the facts change after an election or news event, suggest a new option so others can vote it up.
A
10%
No member explanations yet for this option.
B
10.25%
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C
10.50%
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D
None of these
No member explanations yet for this option.