Question

8% bank loan of Rs. 50,000 is taken on 1st July 2020. Amount of interest on 31st March 2021 is​

Answer 1

Answer:

Calculations on interest will be as under:-

Principal Rs 50000.00

Rate     = 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=3000.00

but 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=3478.00

Explanation:

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