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Mr. Farrukh Amin went to SAAB bank and inquired for a loan, SABB bank informed him that they can lend a loan at the rate

Mr. Farrukh Amin went to SAAB bank and inquired for a loan, SABB bank informed him that they can lend a loan at the rate of 2.5 % and is equal to his eleven months salary, which will be compounded 2 times in a year. Suppose Farrukh salary per month is 15000/-. If Farrukh decided to go for a loan, then what will be the effective rate of interest for Farrukh.

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