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Ram’s acceptance to Din for Rs 8,000 renewed at 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)120
- b)80
- c)90
- d)160
Correct answer is option 'A'. Can you explain this answer?
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Ram’s acceptance to Din for Rs 8,000 renewed at 3 months on the ...
Given:
- Ram accepted a Din for Rs 8,000
- The Din was renewed at 3 months
- The condition for the renewal was that Rs 4,000 be paid in cash immediately
- The remaining amount will carry interest @ 12% p.a.
To find: The amount of interest
Solution:
Step 1: Calculation of the amount due after 3 months
The amount due after 3 months of renewal can be calculated as:
Amount due after 3 months = Amount due immediately + Interest on remaining amount
Amount due immediately = Rs 4,000
Remaining amount = Rs 8,000 - Rs 4,000 = Rs 4,000
Interest on remaining amount = (12/100) x Rs 4,000 x (3/12) = Rs 120
Amount due after 3 months = Rs 4,000 + Rs 120 = Rs 4,120
Step 2: Calculation of interest
The interest charged on the Din can be calculated as:
Interest = Amount due after 3 months - Amount due immediately
Interest = Rs 4,120 - Rs 4,000 = Rs 120
Therefore, the amount of interest charged on the Din is Rs 120.
Answer: Option (A) 120.
- Ram accepted a Din for Rs 8,000
- The Din was renewed at 3 months
- The condition for the renewal was that Rs 4,000 be paid in cash immediately
- The remaining amount will carry interest @ 12% p.a.
To find: The amount of interest
Solution:
Step 1: Calculation of the amount due after 3 months
The amount due after 3 months of renewal can be calculated as:
Amount due after 3 months = Amount due immediately + Interest on remaining amount
Amount due immediately = Rs 4,000
Remaining amount = Rs 8,000 - Rs 4,000 = Rs 4,000
Interest on remaining amount = (12/100) x Rs 4,000 x (3/12) = Rs 120
Amount due after 3 months = Rs 4,000 + Rs 120 = Rs 4,120
Step 2: Calculation of interest
The interest charged on the Din can be calculated as:
Interest = Amount due after 3 months - Amount due immediately
Interest = Rs 4,120 - Rs 4,000 = Rs 120
Therefore, the amount of interest charged on the Din is Rs 120.
Answer: Option (A) 120.
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Community Answer
Ram’s acceptance to Din for Rs 8,000 renewed at 3 months on the ...
4000×12÷100×3÷12=120
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Ram’s acceptance to Din for Rs 8,000 renewed at 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)120b)80c)90d)160Correct answer is option 'A'. Can you explain this answer?
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