.Ramrao took a loan of Rs.6000 from a bank for 1 year at rate 7 p.c.p.a .How much interest he will pay to bank after 1 year?
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Step-by-step explanation:
How to calculate interest on a loan
Gather information like your principal loan amount, interest rate and total number of months or years that you'll be paying the loan.
Calculate your total interest by using this formula: Principal Loan Amount x Interest Rate x Time (aka Number of Years in Term) = Interest.
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