Question

Gracy took a loan of Rs 4000 to buy a net. She paid back Rs 345 every month for one year. How much money did she pay back to the Bank?

Answer 1

Amount of loan taken by Gracy = Rs 4000
Amount of payment every month = Rs 345

We know,
1 year = 12 months

Total amount paid back to the bank in 1 year = Rs 345 $\times$ 12
= Rs 4,140

So, Gracy paid Rs 4,140 to bank in 1 year.