Mathematics · Compound Interest
Varun borrowed Rs. 40,000 at 5% p.a. compound interest. After 2 years, he repaid Rs. 23,100, and after 2 more years, he paid the remaining balance with interest to clear the debt. What was the total amount that he paid as interest?
- 1Rs. 6,252.50✓
- 2Rs. 8,620.25
- 3Rs. 8,000.00
- 4Rs. 6,125.00
Correct answer
Rs. 6,252.50
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