Mr. Pramod borrowed a Loan from the State Bank of India ₹ 3,50,000 o

1.	Mr. Pramod borrowed a Loan from the State Bank of India ₹ 3,50,000 on 1st Oct. 2018 at the rate of interest of 12% p.a. Calculate the Interest on a bank loan for the year 2018-19, assuming that the financial year-end on 31st March every year.
Answer» Interest on Bank loan for 6 months = 3,50,000 × \(\frac{12}{100}\times\frac{6}{12}\) = ₹ 21,000

Mr. Pramod borrowed a Loan from the State Bank of India ₹ 3,50,000 on 1st Oct. 2018 at the rate of interest of 12% p.a. Calculate the Interest on a bank loan for the year 2018-19, assuming that the financial year-end on 31st March every year.

Answer»

Interest on Bank loan for 6 months

= 3,50,000 × \(\frac{12}{100}\times\frac{6}{12}\) = ₹ 21,000