Arun took ₹17,000 loan from a bank. He lended the money to his friend. His friend repaid ₹2000 for 12 months to Arun and Arun repaid ₹20,000 to the bank. How much profit does Arun make in this process?

₹1,000

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₹4,000

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₹24,000

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₹44,000

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Solution

The correct option is B ₹4,000
Loan amount to Arun from the bank = ₹17,000
Amount repaid by Arun's friend = ₹2,000 for 12 months
so total amount that Arun received = ₹2,000 x 12
= 2 x 12 x 1000
= ₹24,000
Amount repaid to the bank by Arun = ₹20,000
Amount remaining with Arun
= ₹24,000 - ₹20,000
= ₹4,000
So, profit = ₹4,000

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