When calculating interest for a partial year, the most important factor is:

Type: MCQ • Marks: 1

A. Correct conversion of the period into the unit prescribed for interest calculation

B. Number of pages in the loan file

C. Number of instalments alone

D. Employee's designation

Explanation

For annual rates, months/days must be converted according to the applicable calculation convention.

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UPSC Principal & Vice Principal Management Finance Administration

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