Question

Rani took a loan of ₹50,000 from the bank. She paid ₹1000 per month for 5 years to clear the loan. How much extra money did she pay?

Answer 1

The amount Rani paid for 1 year = 12 x 1000 = ₹12,000
The amount Rani paid for 5 years = 12,000 x 5 = ₹60,000
Therefore, the extra money paid = ₹60,000 - ₹50,000
= ₹10,000