Section 79 of NIA : Section 79: Interest When Rate Specified
NIA
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Explanation using Example
Imagine John issues a promissory note to Mike on January 1, 2022, for $10,000 with an annual interest rate of 5% expressly stated on the note. If Mike presents the note for payment on January 1, 2023, and John fails to pay, Mike can sue for the principal plus one year of interest. Accord...
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