Question

A man takes a loan of ₹50,000 from the bank. The interest on the loan is ₹10,000. If he repaid the money back in 6 months, how much did he pay each month?

Answer 1

Loan taken from the bank = ₹50,000
Interest paid to the bank = ₹10,000
Total money repaid = 50,000 + 10,000
= ₹60,000
Time taken to pay back the money = 6 months
Amount of money paid back each month = 60,000 $÷$ 6
= ₹10,000