The selling price of the machinery if the rate of interest agreed upon was 24% compounded quarterly.
What is interest?
Interest is the fee paid for having access to borrowed funds. While the interest rate used it to calculate interest is typically defined as the annual percentage rate, interest expense or revenue is frequently expressed as a dollar amount (APR). The compensation a lender as well as financial institution receives for loaning out money is called interest. The percentage of a stockholder's ownership in a company that is also referred to as interest. Interest is the idea that rewards one party for taking a risk and giving up the chance to use funds while punishing another party for using someone else's money. The person who temporarily parted with their money has a right to compensation, and the person who temporarily used those funds is frequently required to make this payment.
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