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Business Studies

Benefits and Disadvantages of Statutory Corporation

Ms. Gracy has...

Question

Ms. Gracy has to purchase a net for fishing. She takes a loan of ₹1000. She returned the loan by paying ₹100 for 12 months. How much interest did she pay?

A

₹ 300

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B

₹ 200

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C

₹100

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D

₹ 100

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Solution

The correct option is B
₹ 200
Money taken as loan by Ms Gracy = ₹1000

Money returned by Ms Gracy in 1 month = ₹100

Money returned by Ms Gracy in 12 months = ₹100 × 12 = ₹1200

Interest paid by her = ₹1200 - ₹1000 = ₹200

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