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Loan and Rent

In 2018, my f...

Question

In 2018, my father took a loan of ₹20,000 from a bank. He paid ₹1,800 each month for one year. How much did he repay totally to the bank?

A

₹20.000

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B

₹1,800

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C

₹21,400

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D

₹21,600

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Solution

The correct option is D ₹21,600
Loan amount $= ₹ 20, 000$
Monthly payment $= ₹ 1, 800$
Number of months $= 12$
Total amount repaid $= 12 \times ₹ 1800 = ₹ 21, 600$

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