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Q.
Jason decides to borrow money for a holiday. If a personal loan is taken over 4 years with equal quarterly repayments at 12% p.a. flat rate (simple interest), calculate the effective rate of interest.
A.
22,588
B.
32.588
C.
42.588
D.
43.588
View Answer
Correct choice: A
Explanation:
Flat rate = 12% n = 4 × 4 = 16 Effective rate =2n/(n+1) × flat rate
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