Question

Mr Shreshta borrowed rupees 2,000 from a bank at the rate of 4 % per year

i need answer
step by step
process by process
​

Answer 1

Rs. 480

Explanation:

Per month interest amount = 2000 x 0.02 = Rs.40

One total interest cost =Rs. 40 x 12 ( 12months i. e. 1 year)

= Rs. 480