Repay, interest, loan

Ramchacha takes a loan amount of 240000 from a bank for constructing a house at the rate of simple interest of 12% per annum. After 1 yr. 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 the interest from the income of the house rent.

Correct result:

n =  9

Solution:

240000 + 240000 • 0.12 • n = 5200 • 12 • (n-1)

33600n = 302400

n = 9

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Showing 1 comment:

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

2 years ago  3 Likes Like

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