What is the meaning of rate and amount in accounting?
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rate refers to the quantity in terms of time and amount means the value initially invested
eg. - A person borrows Rs. 5000 for 2 years at 10% rate .
In above statement Rs. 5000 is amount and 10% is rate charged for 2 years.
eg. - A person borrows Rs. 5000 for 2 years at 10% rate .
In above statement Rs. 5000 is amount and 10% is rate charged for 2 years.
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