Question

4.The interest on loan is converted at rate on the date ____


A] Of loan borrowed

B] Of accrual of Interest

C] Of payment

D] Of Balance sheet​

Answer 1

The interest on the loan is converted at the rate on the date of accrual of Interest.

What is the interest rate?

• The interest rate is the specific percentage of the principal amount levied by the lender to the borrower.
• The rate of interest depends on the total principal amount and the compounding frequency.
• It also depends on the length of the time period for which the money is borrowed and lent.

So, the correct answer is B.