Gracy took a loan of ₹5000 and she returned in monthly installments of ₹455 . How much interest did she pay?

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Solution

Money borrowed = ₹5,000
Money returned in one month = ₹455
Money returned in 12 months = ₹455 × 12 = ₹5,460
Interest paid = ₹ 5,460- ₹5,000 = ₹460

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Gracy took a loan of ₹5000 and she returned in monthly installments of ₹455 . How much interest did she pay?

Money borrowed = ₹5,000 Money returned in one month = ₹455 Money returned in 12 months = ₹455 × 12 = ₹5,460 Interest paid = ₹ 5,460- ₹5,000 = ₹460

Money borrowed = ₹5,000
Money returned in one month = ₹455
Money returned in 12 months = ₹455 × 12 = ₹5,460
Interest paid = ₹ 5,460- ₹5,000 = ₹460