A loan of ₹1,60,000 is repaid by 24 EMIs of ₹8,000 each. How much interest is paid in all?

Explanation

1. 01

   Total paid: $24 \times 8{,}000 = 1{,}92{,}000$.

2. 02

   Interest $= 1{,}92{,}000 - 1{,}60{,}000 = 32{,}000$ rupees.