PRC-1 · Chapter 10 · Question 62 of 100
A business took a loan of Rs. 5,000 at an interest rate of 12% per annum. What is the accrued interest expense for one quarter (3 months)?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Rs. 150
Explanation
Interest = Principal x Rate x Time. Rs. 5,000 x 12% x (3/12) = Rs. 150.
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