Mr. Prakash buys a motorcycle with a bank loan of 60,000. an instalment of 3000 is payable

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Mr. Prakash buys a motorcycle with a bank loan of 60,000. an instalment of 3000 is payable to the bank for each of 24 months towards the re- payment of loan with interest. what interest rate does the bank charges?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

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Posted Date: Sep 27, 2023 02:27 AM

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Mr. Prakash buys a motorcycle with a bank loan of 60,000. an instalment of 3000 is payable

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Expert Answer:

According to a Bankrate study the average personal loan interest rate is 113... View the full answer

Intermediate Accounting

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