Gracy needs money to buy a net. Jhansi and her sister want to buy a log boat. So they take a loan from their bank. They will return it with interest.
a) Gracy took a loan of Rs 4000 to buy a net. She paid back Rs 345 every month for one year. How much money did she pay back to the Bank?
b) Jhansi and her sister took a loan of Rs 21,000 to buy a log boat. They paid back a total of Rs 23,520 in one year. How much did they pay back every month?
Answers
Given:
Gracy needs money to buy a net. Jhansi and her sister want to buy a log boat. So they take a loan from their bank. They will return it with interest.
To find:
a) Gracy took a loan of Rs 4000 to buy a net. She paid back Rs 345 every month for one year. How much money did she pay back to the Bank?
b) Jhansi and her sister took a loan of Rs 21,000 to buy a log boat. They paid back a total of Rs 23,520 in one year. How much did they pay back every month?
Solution:
From given, we have,
(a)
The amount of loan taken by Gracy = Rs 4000
The instalment paid per month = Rs 345
Total amount paid in a year = Rs 345 × 12 = Rs 4140
Thus, Gracy paid Rs 4140 to the bank.
(b)
The total amount paid by Jhansi and her sister in 1 year = Rs 23520
∴ Amount paid every month = Rs 23520 ÷ 12 = Rs 1,960
Therefore, the amount paid every month is Rs 1,960