a person bought a house talking loan Rs.800000 at yearly 5% simple interest. To pay loan with interest he rent the house at monthly Rs.10000.How many year he will repay after the loan ?
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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.
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.
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