Ravi took a loan of ₹12,480 and paid ₹15,000 in equal installments for a period of 1 year. What is the total interest paid by him?

₹1,250

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₹1,550

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₹2,520

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₹2,250

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Solution

The correct option is C ₹2,520
Loan amount = ₹12,480
Amount paid = ₹15,000
The total interest paid
= Amount paid - Loan amount
= ₹(15,000 - 12,480)
= ₹2,520

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Ravi took a loan of ₹12,480 and paid ₹15,000 in equal installments for a period of 1 year. What is the total interest paid by him?

The correct option is C ₹2,520Loan amount = ₹12,480 Amount paid = ₹15,000 The total interest paid = Amount paid - Loan amount = ₹(15,000 - 12,480) = ₹2,520

The correct option is C ₹2,520
Loan amount = ₹12,480
Amount paid = ₹15,000
The total interest paid
= Amount paid - Loan amount
= ₹(15,000 - 12,480)
= ₹2,520