Rajibbabu takes a loan of 24000 at 12% simple interest per annum to build a house and just after one year by giving the house on rent he begins to earn 440 per month. In how many years he can repay the loan with interest at a time by the money collected from house rent ?
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Step-by-step explanation:
After 1 yr loan becomes
P = Rs. 240000, r = 12, t = 1 and I = ?
Since,
⇒ I = Rs. 28,800
Thus, amount becomes after n yr is
Amount = Principal + n× Intertest
⇒ Amount = 240000 + n× 28800 = Rs. (240000 + 28800n)
He rents the house at the rate of Rs. 5200 per month
n years = 12×n months
The earns rent = 5200×12×n = 62400×n
⇒ 62400n = (240000 + 28800n)
⇒ (62400 - 28800)n = 240000
⇒ n =
Hence, he will take
years for to repay his loan along with interest
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