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Concept of Money

Shalini took ...

Question

Shalini took a loan of ₹80,000 from the bank. She paid ₹4,000 extra to the bank on the loan repayment. Find the monthly installment that she paid for one year?

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Solution

Loan amount = ₹80,000
Extra amount that Shalini paid = ₹4,000
Total amount that Shalini paid = ₹80,000 + ₹4,000 = ₹84,000
So, the monthly installment = ₹84,000 ÷ 12
= ₹7,000

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