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? Please give me the full solution

Answer 1

220000-40000=180000
A=180000 divided by 10000=18
B=180000x 10/100=18000
B=18000+180000=198000