Mathematics · Commercial Math
A company has a Current Account with an overdraft facility utilized fully for one year. The utilized amount is Rs 10,00,000 at an annual interest rate of 10%. The bank also charges a processing fee of 0.5% on the sanctioned limit of Rs 15,00,000 for the annual renewal. Calculate the total cost (Interest + Processing Fee) borne by the company.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs 1,10,000
- 2Rs 1,15,000
- 3Rs 1,07,500✓
- 4Rs 1,00,000
Correct answer
Rs 1,07,500
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