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Question
Shiv, Riya and Rohit were partners in a firm. On 1st October, 2024, Rohit had given a loan of ₹ 2,00,000 to the firm, at an interest rate of 10% p.a. as per the partnership agreement. The accountant of the firm is emphasising that interest on the loan will be paid at 6% p.a. The amount of interest on the loan paid to Rohit for the year ended 31st March, 2025, will be ______.
Options
₹ 20,000
₹ 10,000
₹ 12,000
₹ 6,000
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Solution
Shiv, Riya and Rohit were partners in a firm. On 1st October, 2024, Rohit had given a loan of ₹ 2,00,000 to the firm, at an interest rate of 10% p.a. as per the partnership agreement. The accountant of the firm is emphasising that interest on the loan will be paid at 6% p.a. The amount of interest on the loan paid to Rohit for the year ended 31st March, 2025, will be ₹ 10,000.
Explanation:
Time Period: From 1st October 2024 to 31st March, 2025 = 6 months.
Interest = Loan Amount × Rate × Time
= 2,00,000 × 10/100 × 6/12
= 10,000
