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A partner lends money to the firm and the deed is silent. What interest rate applies?
A12 per cent per annum
B10 per cent per annum
C8 per cent per annum
D6 per cent per annum
Answer & Solution
Correct answer: D. 6 per cent per annum
The Act entitles a lending partner to 6 per cent per annum on the loan.
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