Ken borrowed ₹1,00,000 from Sam. Ken returned monthly ₹5,000 to Sam. What is the interest paid by Ken if he returned sum in 2 years?

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Solution

Money borrowed by Ken = ₹1,00,000
Money returned by him monthly = ₹5,000
So, Money returned by him in 2 years = ₹5,000 × 24 = ₹1,20,000
Interest paid by him = ₹1,20,000 - ₹ 1,00,000 = ₹20,000

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Ken borrowed ₹1,00,000 from Sam. Ken returned monthly ₹5,000 to Sam. What is the interest paid by Ken if he returned sum in 2 years?

Money borrowed by Ken = ₹1,00,000 Money returned by him monthly = ₹5,000 So, Money returned by him in 2 years = ₹5,000 × 24 = ₹1,20,000 Interest paid by him = ₹1,20,000 - ₹ 1,00,000 = ₹20,000

Money borrowed by Ken = ₹1,00,000
Money returned by him monthly = ₹5,000
So, Money returned by him in 2 years = ₹5,000 × 24 = ₹1,20,000
Interest paid by him = ₹1,20,000 - ₹ 1,00,000 = ₹20,000