In May 2024
Answer to Question #155639 in Microeconomics for Priyabrata biswal
Ravan Rusell borrowed Rs.10,000 to buy machinery for his small
business. The total amount he repaid to his lender was Rs. 12,000. Identify
the additional amount of Rs. 2000 Rusell paid his lender as which type of
factor of payment in the circular flow model.
The additional amount of Rs 2000 Rusell paid to his lender is interest according to factor of payment in the circular flow model.
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