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Trade Payables Turnover Ratio

Rajiv takes a...

Question

Rajiv takes a loan of ₹7,00,000 from a bank. He agreed to pay half of the borrowed money as interest in five years. Find the interest he has to pay each year.

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Solution

Amount of loan taken by Rajiv = ₹7,00,000
Interest paid in 5 years = Half of ₹7,00,000
= ₹7,00,000 ÷ 2 = ₹3,50,000
Interest paid in 1 year = ₹3,50,000 ÷ 5 = ₹70,000

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