Question

A bank gives a woman personal loan of 120,000. she has to pay back 11,000 every month for a year. find the amount paid back to the bank as interest. pls h help ​

Answer 1

The total amount of interest paid on a personal loan of $120,000 with monthly repayments of $11,000 for a year is $12,000.

Step-by-step explanation:

The question is asking to calculate the amount of interest paid on a personal loan of $120,000 with monthly repayments of $11,000 over the course of a year. To find the total interest paid, we need to know the total repayment amount and then subtract the original loan amount from it.

The woman pays $11,000 every month for 12 months. So, the total amount paid is:

11,000 × 12 = $132,000

The original loan was $120,000.

The interest is the total amount paid back minus the original loan amount:

$132,000 - $120,000 = $12,000

Therefore, the woman will have paid $12,000 in interest to the bank after a year.

Answer 2

Multiply the amount she pays a month by number of months in a year:

11,000 x 12 = 132,000

Subtract the total amount she pays back by the loan amount:

132,000 - 120,000 = 12,000

The interest was $12,000