Read the borrowing contract
A debt charges interest monthly. The statement shows a balance of INR 20,000 and a 24% nominal annual rate. Ignore fees for this drill.
What is the first monthly interest charge?
- INR 40
- INR 400
- INR 4,800
A debt charges interest monthly. The statement shows a balance of INR 20,000 and a 24% nominal annual rate. Ignore fees for this drill.