InterviewSolution
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8% bank loan of Rs. 50,000 is taken on 1st July 2020. Amount of interest on 31st March 2021 is |
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Answer» Calculations on interest will be as under:-Principal Rs 50000.00Rate = 8%PERIOD - 9 MONTHS It is not mentioned in the statement whether the interest is compounded monthly/quarterly/half yearly or yearly basis. In such cases the calculations will be @ simple interest means 50000*8/100*9/12=3000.00but no bank grants loan at the simple rate of interest & MOSTLY charge at monthly compounded. in such CASE calculations will be 50000*1209/1200*1209/1200*1209/1200*1209/1200*1209*/1200*1209/1200*1209/1200*1209/1200*1209/1200=53478.00& interest will be 53478 (-) 50000=3478.00Explanation:From the above statement it is not clear, whether this question relates to secondary/Sr Secondary level. If it is the ANSWER is 3000.00 |
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