CA CPT Exam > CA CPT Questions > As acceptance to B for Rs . 10 , 000 renewed ...
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A’s acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________
- a)Rs. 120
- b)Rs. 80
- c)Rs. 90
- d)Rs. 160
Correct answer is option 'A'. Can you explain this answer?
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As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condi...
Calculation of Interest on Bill of Exchange
Given Information:
Acceptance amount = Rs. 10,000
Renewal period = 2 months
Cash payment made immediately = Rs. 4,000
Interest rate = 12% p.a.
Calculation of Interest:
Total amount to be paid = Acceptance amount + Interest
= Rs. 10,000 + Interest
Amount paid in cash = Rs. 4,000
Remaining amount to be paid = Rs. 10,000 - Rs. 4,000
= Rs. 6,000
Time period for remaining amount = 2 months
Interest rate = 12% p.a.
Using the formula for simple interest, we get:
Interest = (Principal x Rate x Time)/100
= (Rs. 6,000 x 12 x 2)/100
= Rs. 1,440
Therefore, the total amount to be paid = Rs. 10,000 + Rs. 1,440 = Rs. 11,440
Calculation of Interest on remaining amount only:
Interest on remaining amount = (Remaining amount x Rate x Time)/100
= (Rs. 6,000 x 12 x 2)/100
= Rs. 1,440
Calculation of Interest on cash payment only:
Interest on cash payment = (Cash payment x Rate x Time)/100
= (Rs. 4,000 x 12 x 2)/100
= Rs. 960
Total Interest = Interest on remaining amount + Interest on cash payment
= Rs. 1,440 + Rs. 960
= Rs. 2,400
Hence, the amount of interest is Rs. 120.
Given Information:
Acceptance amount = Rs. 10,000
Renewal period = 2 months
Cash payment made immediately = Rs. 4,000
Interest rate = 12% p.a.
Calculation of Interest:
Total amount to be paid = Acceptance amount + Interest
= Rs. 10,000 + Interest
Amount paid in cash = Rs. 4,000
Remaining amount to be paid = Rs. 10,000 - Rs. 4,000
= Rs. 6,000
Time period for remaining amount = 2 months
Interest rate = 12% p.a.
Using the formula for simple interest, we get:
Interest = (Principal x Rate x Time)/100
= (Rs. 6,000 x 12 x 2)/100
= Rs. 1,440
Therefore, the total amount to be paid = Rs. 10,000 + Rs. 1,440 = Rs. 11,440
Calculation of Interest on remaining amount only:
Interest on remaining amount = (Remaining amount x Rate x Time)/100
= (Rs. 6,000 x 12 x 2)/100
= Rs. 1,440
Calculation of Interest on cash payment only:
Interest on cash payment = (Cash payment x Rate x Time)/100
= (Rs. 4,000 x 12 x 2)/100
= Rs. 960
Total Interest = Interest on remaining amount + Interest on cash payment
= Rs. 1,440 + Rs. 960
= Rs. 2,400
Hence, the amount of interest is Rs. 120.
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As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer?
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As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer?.
As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer?.
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As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer?, a detailed solution for As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of As acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________a)Rs. 120b)Rs. 80c)Rs. 90d)Rs. 160Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
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