Question

1. Mr. Pramod borrowed Loan
from State Bank of India
3,50,000 on 1st Oct.,2018 at
the rate of interest 12% p.a.
Calculate the Interest on bank
loan for the year 2018-19,
assuming that financial year
end on 31st March every year.​

Answer 1

Answer:

2100

Explanation:

350000 x 12 /2= 2100

Answer 2

The Interest on bank loan is ₹ 21,000

Step-by-step explanation:

Given:

Mr. Pramod borrowed Loan from State Bank of India 3,50,000 on 1st Oct 2018 at the rate of interest 12% p.a

To find:

The Interest on bank loan for the year 2018-19, assuming that financial year

end on 31st March every year.

Solution:

Interest on Bank loan for 6 months = $3,50,000*\frac{12}{100} *\frac{6}{12}$

$= > 3,50,000*0.12*0.5$

$= > 3,50,000*0.06$

=> ₹ 21,000