Question

sajan took a loan of rs 9586 from the bank to buy a fishing boat. he paid back rs 10840 to the bank. sajan was able to repay the rent in 8 months and he paid equal amount in 8 months. how much is the interest paid? how much did he pay back every month?

Answer 1

Sajan took a loan of rs 9586 from the bank to buy a fishing boat. he paid back rs 10840 to the bank.

Interest paid = Amount paid back - loan amount

Loan amount = 9586

amount paid back = 10840

Interest paid = 10840 - 9586 = 1254

To find the amount he pay back each month =
`(amount paid )/(months)`

10840/ 8 = 1355

He paid back rs 1355 each month.