Multiple Choice Questions on Jason decides to borrow money for a holiday If a personal loan is taken over 4 years with equal quar........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Jason decides to borrow money for a holiday If a personal loan is taken over 4 years with equal quar...........

Quant (SSC) Simple Interest
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    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.

    22,588

    Correct Answer

    32.588

    Incorrect Answer

    42.588

    Incorrect Answer

    43.588

    Incorrect Answer
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    Explanation:

    Flat rate = 12%
    n = 4 × 4
    = 16
    Effective rate =2n/(n+1) × flat rate

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