Question

Nidhi wanted to purchase a new flat in an International Lotus Society. She has only Rs.5,
00,000 in cash. The cost of flat which she wants to purchase is Rs.17, 00,000. So Nidhi
decided to borrow rest of the amount from her friend Adityaat the rate of 6% p.a. for 5
years simple interest) so that she could fulfil her dream. Now Nidhi lives in her dream home
(flat) with her family happily.
Q.1 Calculate the Simple interest that Nidhi has to pay to Aditya?
Q 2 What is the total amount that Nidhi will pay to Aditya?
Q 3 What do you mean by Loan?
Q 4 What amount she would have to pay if the the interest was 6% p.a.
compounded annually for the same time.
(a) Rs 1605871 (b) Rs.1560000 (c) Rs. 194000 (d) none of above
Q 5 Will Nidhi get benefit in income tax for such borrowing?

Answer 1

Step-by-step explanation:

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