Question

Borrowed Loan from Bank of Maharashtra 2,00,000 on 1st October 2019 at rate 15%
p.a. Calculate Interest on Bank Loan for the year 2019-20 assuming that the fin​

Answer 1

Answer:

S.I = 200000 × 1 × 15

_____________

100

200 × 15

3000

Answer 2

Answer:

The interest on Bank Loan for the year $2019-20$ is Rs. 15,000

Explanation:

In context to the question asked,

We have to calculate the interest on Bank Loan for the year $2019-20$,

As per data given in the question,

We have,

Loan borrowed = $Rs. 2,00,000$

Rate of interest $= 15\% P.a$

Time span = $1st$ October $2019$ to $31st$ March $2020$,

i.e., 6 months

So, the formula to be used:-

Interest amount = Loan amount $\times$ Rate of interest $\times$ Duration

Now, substitute all the given values:

Interest amount-

$=> 2,00,000\times \frac{15}{100}\times \frac{6}{12}$

$=> Rs. 15,000$

Hence, the