Repay, interest, loan
Ramchacha takes a loan amount of 240000 from a bank for constructing a house at a simple interest rate of 12% per annum. After one year of taking the loan, he rents the house at the rate of 5200 per month. Determine the number of years he would take to repay his loan along with interest from the house rent income.
Correct answer:
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Dr Math
Even in compound interest, problem has no solution:
a * q^n = 5200 * 12* (n-1)
240000 * 1.12^n = 5200 * 12* (n-1)
240000 * 1.12^n = 62400 * (n-1)
n doesnt exist
a * q^n = 5200 * 12* (n-1)
240000 * 1.12^n = 5200 * 12* (n-1)
240000 * 1.12^n = 62400 * (n-1)
n doesnt exist
7 years ago 3 Likes
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