Interest
This query is : Resolved
Guest
Guest
(Querist)
21 February 2016
While Calculating Interest
1/12months? Why is it taken 1/12months means?
Kindly Explain? ASAP
Thank You
Ganeshbabu K
(Expert)
24 February 2016
When rate applied is "per annum" to make it month we need to divide with 12(12 months for year)
So for one month interest need to divide per annum interest rate with 1/12
So for one month interest need to divide per annum interest rate with 1/12
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