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Question
Sam took a loan and repaid ₹6,000 per month for an year. If the total interest paid by him is ₹7,000, he had taken a loan of
Sam took a loan and repaid ₹6,000 per month for an year. If the total interest paid by him is ₹7,000, he had taken a loan of
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Solution
The correct option is A ₹65,000
Total amount of money paid back to the bank
= 6000 × 12
= ₹72,000
Total interest paid to the bank = ₹7,000
Loan amount = Total money paid back - Interest paid
So, Loan amount = 72,000 - 7,000
= ₹65,000
Total amount of money paid back to the bank
= 6000 × 12
= ₹72,000
Total interest paid to the bank = ₹7,000
Loan amount = Total money paid back - Interest paid
So, Loan amount = 72,000 - 7,000
= ₹65,000
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