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On 1.1.05 X draws a bill on Y for Rs 10,000. At maturity Y request X to renew the bill for 2 month at 12% p.a. interest. Amount of interest will be:
- a)200
- b)150
- c)180
- d)190
Correct answer is option 'A'. Can you explain this answer?
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On 1.1.05 X draws a bill on Y for Rs 10,000. At maturity Y request X t...
Calculation of Interest on Renewal of Bill
Given data: X draws a bill on Y for Rs 10,000 on 1.1.05.
At maturity, Y requests X to renew the bill for 2 months at 12% p.a. interest.
To calculate the interest on renewal of the bill, we need to follow the below steps:
Step 1: Calculate the interest for two months at 12% p.a. interest
Interest = (Principal x Rate x Time)/100
= (10,000 x 12 x 2)/12 x 100
= Rs 240
Step 2: Calculate the interest for one month at 12% p.a. interest
As the interest is for two months, we need to calculate the interest for one month only.
Interest for one month = (Interest for two months)/2
= 240/2
= Rs 120
Therefore, the amount of interest on renewal of the bill for two months at 12% p.a. interest is Rs 200 (Rs 120 for one month + Rs 80 for the second month). Hence, option (A) is the correct answer.
Given data: X draws a bill on Y for Rs 10,000 on 1.1.05.
At maturity, Y requests X to renew the bill for 2 months at 12% p.a. interest.
To calculate the interest on renewal of the bill, we need to follow the below steps:
Step 1: Calculate the interest for two months at 12% p.a. interest
Interest = (Principal x Rate x Time)/100
= (10,000 x 12 x 2)/12 x 100
= Rs 240
Step 2: Calculate the interest for one month at 12% p.a. interest
As the interest is for two months, we need to calculate the interest for one month only.
Interest for one month = (Interest for two months)/2
= 240/2
= Rs 120
Therefore, the amount of interest on renewal of the bill for two months at 12% p.a. interest is Rs 200 (Rs 120 for one month + Rs 80 for the second month). Hence, option (A) is the correct answer.
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Community Answer
On 1.1.05 X draws a bill on Y for Rs 10,000. At maturity Y request X t...
10000*2/12=1666
1666*12/100=200 option A is correct answer
1666*12/100=200 option A is correct answer
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On 1.1.05 X draws a bill on Y for Rs 10,000. At maturity Y request X to renew the bill for 2 month at 12% p.a. interest. Amount of interest will be:a)200b)150c)180d)190Correct answer is option 'A'. Can you explain this answer?
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