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Loan is ₹150000 at 8 percent interest. ₹30000 principal is paid after 3 months and ₹40000 after 9 months. What is total interest for the year?

Answer and explanation

Correct answer: ₹9400

Interest is ₹3000 for first 3 months then ₹4800 on ₹120000 for 6 months and ₹1600 on ₹80000 for last 3 months. Total interest is ₹9400.

Related tags

Partners-LoanInterestStaged-PaymentPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq

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