A loan of ₹ 18,600 was received from the bank. If the money paid back after two years was ₹20,396, how much money is paid as interest to the bank?

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Solution

Total money paid back after two years = ₹ 20,396
Amount of money taken as loan = ₹ 18,600

Money paid as interest
= ₹ 20,396 - ₹ 18,600
= ₹ 1,796

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A loan of ₹ 18,600 was received from the bank. If the money paid back after two years was ₹20,396, how much money is paid as interest to the bank?

Total money paid back after two years = ₹ 20,396 Amount of money taken as loan = ₹ 18,600 Money paid as interest = ₹ 20,396 - ₹ 18,600 = ₹ 1,796

Total money paid back after two years = ₹ 20,396
Amount of money taken as loan = ₹ 18,600

Money paid as interest
= ₹ 20,396 - ₹ 18,600
= ₹ 1,796