Question

Hari took a loan of 4,000 rupees to buy a fishing net. He paid back 350 rupees every month for one year. How much extra money (in rupees) did he pay back to the bank?

• A.
  100
• B.
  200
• C.
  4,200
• D.
  4,400

Answer 1

The correct option is B

200
200

Amount of loan taken from the bank = ₹4,000
Amount paid every month to the bank = ₹350
Number of months in 1 year = 12
Total amount paid back to the bank = ₹(12 x 350)
= ₹4,200
Extra amount paid = ₹4,200 - ₹4,000
= ₹200