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Sum
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.
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Solution
12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.
I = `"PRN"/100 = 80,000 × 12/100 × 1` = ₹ 9600
Thus, interest on Bank loan ₹ 80,000 for 1 year = ₹ 9600.
Concept: Income and Expenditure Account
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