O-LevelAccountingAccounting procedures7707/12 · May/June 2012 · Q71 Mark

On 1 January Sudip borrowed $15 000 from the bank at an interest rate of 8% per annum. On 1 August the loan was increased to $24 000. How much interest was Sudip charged for the year ended 31 December?

A$1000

B$1500

C$1920

D$2000

✓ Correct answer

B: $1500

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2012 Paper 1 Variant 2, question 7.

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