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Question
A man took a loan of ₹ 31,000 to buy a television. He paid ₹ 2,800 every month for a year to repay it. How much interest did he pay?
A man took a loan of ₹ 31,000 to buy a television. He paid ₹ 2,800 every month for a year to repay it. How much interest did he pay?
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Solution
The correct option is A ₹ 2,600
Amount took as loan = ₹ 31,000
Total Amount paid back in one year
= ₹ 2,800 × 12 = ₹ 33,600
Interest paid
= ₹ 33,600 - ₹ 31,000 = ₹ 2,600
Amount took as loan = ₹ 31,000
Total Amount paid back in one year
= ₹ 2,800 × 12 = ₹ 33,600
Interest paid
= ₹ 33,600 - ₹ 31,000 = ₹ 2,600
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