If the nominal interest rate is 6 per cent per annum, compounded quarterly, the effective interest rate is: A) 6.09%. B) 6.17%. C) 6.20%. D) 6.14%.* E) 6.00% Pam borrows $19, 500 from the bank at 8% annually compounded interest to be repaid in 10 equal annual instalments. The interest paid in the second year is A) $1, 336.00 B) $1, 452.31 * C) $1, 560.14 D) $1, 947.10 E) $1, 950.00