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12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.

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12 % p.a. Interest on Bank loan ₹ 80,000 for 1 year.

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I = \(\frac{PRN}{100}\)

= 80,000 × \(\frac{12}{100}\) × 1

= ₹ 9600.

Thus, interest on a Bank loan ₹ 80,000 for 1 year = ₹ 9600.

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