An automobile financier claims to be lending money at simple interest, – McqOptions

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1.	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.	10.5%
C.	10.25%
D.	None of these
Answer» D. None of these

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