(i) A moneylender (i.e. loan shark) lends sums of money and charges $10 in advance per $100 repayable one month later. What is the effective annual rate of interest? [2 marks] (ii) Another moneylender lends sums of money for 3 months at the time. For each $100 borrowed, the moneylender requires $10 interest at the start of the 3 months period, and $10 interest at the end of the 3 months, plus the principal. What is the nominal interest rate convertible half yearly? [3 marks]