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Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18%. p.a. for 4 months. Calculate the amount of the new bill.

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For Nitin,

Total outstanding = ₹ 72,000

Nitin paid in cash= ₹ 22,000

Remaining dues = ₹ 50,000

Now, on this ₹ 50,000 we have to calculate interest @ 18% for 4 months

I = \(\frac{PRN}{100}\)

= 50,000 × \(\frac{18}{100}\times\frac{4}{12}\)

= ₹ 3,000

So, amount of new bill = Remaining dues + Interest

= 50,000 + 3,000 

= ₹ 53,000

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