Question

Daniel took 20000 loan from a bank . He paid 6% interest to the bank in the first year. how much interest did he pay  in the first year? 

Answer 1

Answer:

Interest paid in first year would be Rs. 1200.

Step-by-step explanation:

Interest paid in the first year would be = 6% of 20,000

i.e., = \frac{6}{100}

100

6

× 20,000 = Rs. 1200