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What Is The Monthly Interest Rate On A12% Per Annum Charge?

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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)
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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

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