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Question
Gracy took a loan of Rs 4000 to buy a net. She paid back Rs 345 every month for one year. How much money did she pay back to the Bank?
Solution
Monthly installment paid by Gracy = Rs 345
The total amount paid in a year
= 12 × 345
= 4140 rupees
Hence, Gracy paid Rs 4140 back to the bank.
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