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A partner has a loan of ₹45000. Interest is calculated at 6% for one year. What is the total amount payable (principal + interest)?

Answer and explanation

Correct answer: ₹47700

Interest for one year at 6% on ₹45000 is \(\frac{6}{100}\times 45000=2700\). Total payable is \(45000+2700=47700\). So the total amount is ₹47700.

Related tags

AccountancyPartner's Loan AccountInterestBasic Concepts

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