Question

A man took a loan of 6 lakh from his friend at the simple interest rate of 9% per annum.
At the end of 3 years, he cleared his debt by paying 3 lakh and giving his flat to his friend.
What was the price of the flat?
please answer in step by step​

Answer 1

Answer:

462000 or 4.62 lakh

Step-by-step explanation:

So, In this we will first find interest

= PRT/100

= 600000×9×3/100

= 162000

So, Total Amount he has to payback to his friend is

= 600000+162000

= 762000 or 7.62 lakh

So, He paid 3 lakh and his flat back to his friend so

Cost of Flat= 7.62 lakh- 3 lakh = 4.62 lakh

Hence, Cost of Flat was 4.62 lakh