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Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480
- c)Rs. 960
- d)Rs. 240
Correct answer is option 'A'. Can you explain this answer?
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Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 months on ...
The problem states that Ram's acceptance to Dinesh for Rs. 8,000 is renewed for 3 months on the condition that Rs. 4,000 be paid in cash immediately, and the remaining amount will carry interest @ 12% p.a.
Let's break down the information:
- Initial amount: Rs. 8,000
- Amount paid in cash: Rs. 4,000
- Remaining amount: Rs. 8,000 - Rs. 4,000 = Rs. 4,000
- Interest rate: 12% p.a.
- Time period: 3 months (1/4 of a year)
Now, to calculate the interest on the remaining amount, we use the formula:
Interest = (Principal × Rate × Time) / 100
In this case:
- Principal = Remaining amount = Rs. 4,000
- Rate = 12% p.a.
- Time = 3 months = 1/4 year
Plugging in the values:
Interest = (4,000 × 12 × 1/4) / 100
Interest = (4,000 × 3) / 100
Interest = 12,000 / 100
Interest = Rs. 120
Therefore, the amount of interest will be Rs. 120. The correct answer is a.
Let's break down the information:
- Initial amount: Rs. 8,000
- Amount paid in cash: Rs. 4,000
- Remaining amount: Rs. 8,000 - Rs. 4,000 = Rs. 4,000
- Interest rate: 12% p.a.
- Time period: 3 months (1/4 of a year)
Now, to calculate the interest on the remaining amount, we use the formula:
Interest = (Principal × Rate × Time) / 100
In this case:
- Principal = Remaining amount = Rs. 4,000
- Rate = 12% p.a.
- Time = 3 months = 1/4 year
Plugging in the values:
Interest = (4,000 × 12 × 1/4) / 100
Interest = (4,000 × 3) / 100
Interest = 12,000 / 100
Interest = Rs. 120
Therefore, the amount of interest will be Rs. 120. The correct answer is a.
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Community Answer
Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 months on ...
Given:
- Rams accepts Rs 8,000 from Dinesh.
- The acceptance is renewed for 3 months.
- The condition is that Rs 4,000 should be paid in cash immediately.
- The remaining amount will carry interest at the rate of 12% per annum.
To find:
The amount of interest.
Solution:
We need to find the interest on the remaining amount of Rs 4,000 for 3 months at the rate of 12% per annum.
Step 1: Calculate the interest for 3 months.
We know that the interest is calculated using the formula:
Interest = (Principal * Rate * Time) / 100
Here,
Principal = Rs 4,000
Rate = 12% per annum
Time = 3 months
Converting the time from months to years:
Time = 3/12 = 1/4 years
Substituting the values in the formula:
Interest = (4000 * 12/100 * 1/4) = Rs 120
Hence, the interest for 3 months is Rs 120.
Step 2: Calculate the total amount to be paid by Dinesh.
Dinesh needs to pay Rs 4,000 immediately in cash and Rs 120 as interest for 3 months.
Total amount = Rs 4,000 + Rs 120 = Rs 4,120
Therefore, the total amount to be paid by Dinesh is Rs 4,120.
Conclusion:
The amount of interest is Rs 120. Hence, the correct answer is option A) Rs. 120.
- Rams accepts Rs 8,000 from Dinesh.
- The acceptance is renewed for 3 months.
- The condition is that Rs 4,000 should be paid in cash immediately.
- The remaining amount will carry interest at the rate of 12% per annum.
To find:
The amount of interest.
Solution:
We need to find the interest on the remaining amount of Rs 4,000 for 3 months at the rate of 12% per annum.
Step 1: Calculate the interest for 3 months.
We know that the interest is calculated using the formula:
Interest = (Principal * Rate * Time) / 100
Here,
Principal = Rs 4,000
Rate = 12% per annum
Time = 3 months
Converting the time from months to years:
Time = 3/12 = 1/4 years
Substituting the values in the formula:
Interest = (4000 * 12/100 * 1/4) = Rs 120
Hence, the interest for 3 months is Rs 120.
Step 2: Calculate the total amount to be paid by Dinesh.
Dinesh needs to pay Rs 4,000 immediately in cash and Rs 120 as interest for 3 months.
Total amount = Rs 4,000 + Rs 120 = Rs 4,120
Therefore, the total amount to be paid by Dinesh is Rs 4,120.
Conclusion:
The amount of interest is Rs 120. Hence, the correct answer is option A) Rs. 120.
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Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer?
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Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer?.
Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram’s acceptance to Dinesh for Rs 8,000 renewed for 3 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. 480c)Rs. 960d)Rs. 240Correct answer is option 'A'. Can you explain this answer?.
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