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Understanding Compound Interest Using Simple Interest (Rate Compounded Annually)

A man took a ...

Question

A man took a loan of ₹ 7500 from the bank. Money paid back after one year was ₹ 10, 480. How much money he has paid as an interest?

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Solution

Total money paid back after 1 year = ₹ 10,480
Amount of money taken as loan = ₹ 7500
Money paid as an interest
= ₹ 10,480 - ₹ 7500 = ₹ 2980

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