What is the difference between flat rate and flat rate per annum (to be charged on reducing balance of the principal outstanding amount over the tenure of the loan)
What Is The Monthly Interest Rate On A12% Per Annum Charge?
A= p(1+r)^n
r=12%per annum
r = 12/12= 1% per month
n = 12 months
P = 14690
A = 14690(1+.01)^12
= 16553>>answer
r=12%per annum
r = 12/12= 1% per month
n = 12 months
P = 14690
A = 14690(1+.01)^12
= 16553>>answer