Question

Mr.mehra buys a house of ₹2,20,000by taking loan from a finance company .he pays 40,000as down payment and agreed to pay the balance as annual installment of ₹10,000+10% on the unpaid amount
A) in how many years will he clear the loan.
B) how much will it cost him?

Answer 1

A)18years
B)Int paid by him =9(1000+18000)=171000+220000=391000