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Bank Passbook and Its Components

What will be ...

Question

What will be the interest payable on a loan of 15000 at the end of 3 years at 15% per annual

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Solution

Principal (P) = Rs 15000

Rate of interest (R) = 15% p.a.

Time (T) = 3 years

Simple interest = (P×R×T/100)= (15000×15×3/100)=Rs 6,750
Loan Payable =Rs 6,750

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