COMPOUND OUTSTANDING INTEREST CALCULATION
If a businessman takes loan from
any bank, then interest is charged on outstanding balance.
If the businessman refunds the
balance by instalment, then the bank charges different rate of interest on all
instalments. It is called Compound Outstanding Interest
Calculation.
Example:-
A businessman takes loan of Rs.
1,00,000 from PNB. He decided to refund the loan in four equal instalments....
