On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of net interest income to be obtained by our business at the end of maturity? a) 75.000 TL B) 63,750 TL NS) 11,250 TL D) 25.000 TL TO) 50,000 TL
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On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of net interest income to be obtained by our business at the end of maturity? |
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Time Deposit amounting 500,000
Maturity time = 9 month
Interest Rate = 20% p/a
Interest at the end of Maturity = 500,000*20%*9/12
=75,000
As interest income transfer at the time of maturity then no interest will be received in the year of 2019. It will be received in the year of 2020 in July month after deducting tax @ 15%
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