Mathematics · Interest and Penal Interest Calculation
A buyer receives a consignment of goods from a Micro enterprise on January 1. The goods are accepted without any objection on the same day. There is a written agreement stating that the payment will be made within 60 days. The buyer makes the payment on March 15. The RBI Bank Rate is 6.75 percent. Calculate the penal interest payable by the buyer for the delay, assuming a 365-day year and that the delay is calculated after the legal maximum period allowed under the MSMED Act.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 12,050 per lakh of invoice value
- 21,609 per lakh of invoice value✓
- 32,500 per lakh of invoice value
- 41,200 per lakh of invoice value
Correct answer
1,609 per lakh of invoice value
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