Question: Q5 CICo. allows you to write a post-dated cheque for 120 INR dated 15 days in the future for which they give you 100 INR

Q5 CICo. allows you to write a post-dated cheque for 120 INR dated 15 days in the future for which they give you 100 INR today. If you are unable to pay off the loan, the interest is compounded every 15 days in a year. If you are unable to pay off the amount with interest for a year, how much is the amount due from your side to CICo.? What is the APR and EAR of this arrangement? (05 Marks)

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