Question

A man took a loan of ₹ 33,000 to buy a mobile phone. He paid back ₹ 3,000 every month for one year. How much interest
(in ₹) did he paid back to the bank?

• A. ₹ 3,200
• B. ₹ 3,600
• C. ₹ 3,300
• D. ₹ 3,000

Answer 1

The correct option is D ₹ 3,000

Amount of loan taken from the bank = ₹ 33,000

Amount paid every month to the bank = ₹ 3,000

Number of months in 1 year = 12

Total amount paid back to the bank
= ₹(12 x 3,000)
= ₹ 36,000

Interest paid
= ₹ 36,000 - ₹ 33,000
= ₹ 3,000