Question

Mr. Thakuri deposited Rs.2,00,000 in her fixed account at a bank for 3 years. The bank pays her the simple interest at the rate of 10℅ p.a. How much net interest would she get if 5 % of interest in charged as income tax?

Answer 1

The net interest she would get on the amount deposited is $57,000.

What is the net interest?

The net interest is the total interest earned less tax.

Interest = amount deposited x simple interest x time

200,000 x 0.1 x 3 = $60,000

Net interest = $60,000 x (1 - 0.05)

$60,000 x 0.95

$57,000

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