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A person takes a loan of Rs.2,000 at 6% simple interest. He returns Rs.1,000 at the end of one year. In order to clear his dues at the end of 2 years
Question

A person takes a loan of Rs.2,000 at 6% simple interest. He returns Rs.1,000 at the end of one year. In order to clear his dues at the end of 2 years how much he would pay?

A.

Rs.1,240

B.

Rs.1,180

C.

Rs.1,120

D.

Rs.1,200

E.

Answer not known

Correct option is B

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