Question

1) Calculate 12% interest on Bank loan Rs.1,60,000 (for 6 months ) *​

Answer 1

Answer:

160000 × 12% × 6/12

= 9600

Answer 2

Answer:

Interest is 9600

Explanation:

Loan amount =  1,60,000

Rate of intrest = 12%

Time period for claculation of interest = 6 months (0.5 years)

Interest = 1,60,000 * 12% * 0.5

             = 9600

* If you get these calculations in Bill of exchange , Average due dates etc.

Then instead of converting months in to years do the below calculations

              {  160000 * 12% * 6/12}