Question

Mr. Ghulam Nabi takes a loan of Rs. 25000 on 1 august 2015 at21.9%p.a and repays rs.15000 on 4 october 2015. If he clears all his dues on 31 december 2015, how much money did Mr. ghulam nabi pay on 31 december 2015?

Answer 1

Answer:

Rs. 11554.48/-

Step-by-step explanation:

Rate p.a. =21.9 %

Loan Value= Rs. 25000

Interest as on 04.10.2015

i.e.

=25000x21.9x65/(365x100)

= Rs. 975

Value as on 04.10.2015 is Rs. 25975

Repaid Rs. 15000/-

Balance Rs. 10975/-

Interest as on 31.12.2015

= 10975x21.9x88/(365x100)

=Rs.  579.48

Balance loan amount = Rs. 10975+579.48=Rs. 11554.48