Question

if the bank increases the interest on home loans from 6% to 7% , then a home loan of 10,00,000 for 3years becomes expensive by​

Answer 1

Answer:

30000

Step-by-step explanation:

Case 1 :- when rate of interest is 6% :-

SI = 1000000×6×3/100 ⇒ 180000

Case 2 :- when rate of interest is 7%

SI = 1000000×7×3/100 ⇒ 210000

So the amount becomes expensive by = 210000 - 180000

                                                                = 30000