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Question
Gracy took a loan of ₹4000 to buy a net. She paid back ₹345 every month for one year. How much money did she pay more to the bank than the money she borrowed?
Gracy took a loan of ₹4000 to buy a net. She paid back ₹345 every month for one year. How much money did she pay more to the bank than the money she borrowed?
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Solution
The correct option is B ₹140
Money paid back each month = ₹345
Number of months in a year = 12
Total money paid back in a year
= ₹345×12
= ₹4140
Money that gracy borrowed = ₹4000
Money that gracy paid more to the bank = ₹4140 - ₹4000 = ₹140
₹140 that she paid in excess is the interest money.
Money paid back each month = ₹345
Number of months in a year = 12
Total money paid back in a year
= ₹345×12
= ₹4140
Money that gracy borrowed = ₹4000
Money that gracy paid more to the bank = ₹4140 - ₹4000 = ₹140
₹140 that she paid in excess is the interest money.
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