Question

Grace took a loan of $₹5000$. She paid $₹445$ every month for a year to repay it. How much interest did she pay?

• A. $₹330$
• B. $₹5340$
• C. $₹340$
• D. $₹5330$

Answer 1

The correct option is C $₹340$

Amount Grace took as loan $=₹5000$
Total Amount paid back in one year $=₹445\times 12=₹5340$​
Interest paid by Grace $=₹5340-₹5000=₹340$