Question 11. Kiran buys a car costing Rs. 300,000 using a loan with a flat rate of interest of 11%, and repayments at the end of each of the next 12 months. Calculate the annual effective rate of interest paid by the Kiran. What is the APR for the arrangement in this question? Question 12. A loan of Rs. 60,000 is repayable by 36 monthly instalments, payable in arrears. The flat rate of interest charged on the loan is 9%pa. (i) What is the monthly repayment? (ii) What is the APR on this transaction? Question 13. A loan of Rs. 24,000 is repayable by 24 monthly instalments, payable in arrears. The flat rate of interest charged on the loan is 6%p. (i) What is the monthly repayment? (ii) What is the APR on this transaction? Question 14. A loan is repayable over 20 years by level installments of Rs.1,000 per annum made annually in arrear. Interest is charged at the rate of 5% per annum effective for the first 10 years, increasing to 7% per annum effective for the remaining term. a) Calculate the initial loan amount b) Calculate the equivalent flat rate of interest on this loan