alleryA ₹10000 loan earns 12% simple interest yearly. ₹4000 principal is repaid after one year; all interest is paid at year two. Final payment?
A₹6720
B₹7200
C₹7920
D₹8400
Answer & Solution
Correct answer: C. ₹7920
Interest is ₹1200 in year one and ₹720 on the remaining ₹6000 in year two; the final payment is ₹6000 + ₹1920 = ₹7920.
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