Bashir is a farmer . He took a loan of ₹4000 from a bank He return ₹350 every month for one year . How much money did he return to the bank ? How much intrest did he pay to the bank?
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Step-by-step explanation:
- Loan from bank=₹4000
- Total money returns to the bank= ₹(12*350)=₹4200
- So interest paid to bank=₹4200-₹4000=₹200
- interest%=(200/4000)*100 p.a.=5% p.a.
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