Question

Rahamatchacha takes a loan amount of 2,40,000 from a bank for constructing a building at the rate of simple interest of 12% per annum. After lyr. of taking the loan he rents the house at the rate of 5200 per month. Let us determine the number of yrs. he would take to repay his loan along with interest from the income of the houserent.​

Answer 1

Answer:

Given :-

• Rahamatchacha takes a loan amount of 2,40,000 from a bank for constructing a building at the rate of simple interest of 12% per annum. After 1yr. of taking the loan he rents the house at the rate of 5200 per month.

Find Out :-

• The number of yrs. he would take to reply his loan along with interest from the income of the house rent.

Solution :-

Let, Rahamatchacha takes x years to repay his loan along with interest from the income of the house rent.

Given in the question,

• Principal = Rs 24000
• Time = x years
• Rate of interest = 12%

Then,

➜ Interest = $\dfrac{240000 \times 12 \times x}{100}$

➦ Interest = Rs 28800x

Then,

➧ Amount = Principal + Interest

➽ Amount = 240000 + 28800x

Now, house rent for 1 month = Rs 5200

House rent for 1 years (12 month) = Rs 5200 × 12

Then, house rent for (x - 1) years,

=> Rs 5200 × 12(x - 1)

=> Rs 62400(x - 1)

According to the question,

➻ 62400(x - 1) = 240000 + 28800x

➻ 62400x - 62400 = 240000 + 28800x

➻ 62400x - 28800x = 240000 + 62400

➻ 33600x = 302400

➻ x = $\cancel{\dfrac{302400}{33600}}$

➠ x = 9

∴ Rahamatchacha takes 9 years to repay his loan along with interest from the income of the house rent.