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Loan and Rent

Rakhi took a ...

Question

Rakhi took a loan of ₹2000 from the bank and repayed ₹2240 after an year. What is the amount of interest she paid for the loan?

A

₹200

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B

₹240

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C

₹250

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D

₹260

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Solution

The correct option is B ₹240
Amount of loan taken $= ₹ 2000$
Amount paid after 1 year $= ₹ 2240$

The amount of money that is paid extra while repaying the loan is known as interest.
$∴ interest paid = ₹ 2240 - ₹ 2000 = ₹ 240$ .

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