Question

A man took a loan from the bank to buy a laptop. He paid back ₹ 4000 per month for an year. If the total interest paid by him is ₹8,000, how much loan did he take from the bank?

Answer 1

Amount paid per month = ₹ 4,000
Total amount paid in an year
= 12 $\times$ 400 = ₹ 48, 000
Total interest paid to the bank
= ₹ 8,000
Interest = Total Amount paid back - Total loan amount
₹ 8,000 = ₹ 48,000 - Total loan amount
Total loan amount = ₹ 48,000 - ₹ 8,000 = ₹ 40,000