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Ramchand took a loan of Rs12,000 from hi...

Ramchand took a loan of Rs12,000 from his neighbour and agreed to repay it after 2 years at the rate of 8% per annum, simple interest. At the end of 2 years, his neighbour demanded an interest at the rate of 12%, what is the extra amount paid by the borrower?

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The correct Answer is:
Rs960
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