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Concept of Money

A man borrowe...

Question

A man borrowed ₹50000 from the bank for 8 months. He paid ₹7000 each month, thus he paid an extra ₹ to the bank.

A

4000

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B

7000

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C

5000

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D

6000

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Solution

The correct option is D 6000
Money borrowed = ₹50000
Money retured = Money paid each month x Number of months
= ₹7000 x 8
= ₹56000

Thus, extra money paid = ₹56000 - ₹50000 = ₹6000

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