Question

A person bought a house taking loan Rs. 800000 at yearly 5% simple interest. To pay the loan with interest he rent the house at monthly Rs. 10000. He will repay the loan after -

Answer 1

Let it will take t years to repay the loan. Then interest for t years will be,
I=(800000×5×t)/100
or, I=8000×5×t
or, I=40000t 
∴, Amount = 800000+40000t
Now in t years the total rent will be 
=10000×12×t
=120000t
∴, 800000+40000t=120000t
or, 120000t-40000t=800000
or, 80000t=800000
or, t=800000/80000
or, t=10
It will take 10 yers to repay the loan.