Question:
A person buys a flat for which he makes down payment of ₹7,50,000 and the balance is to be paid in 10 years by monthly instalments of ₹22,000 each. If the bank charges interest at the rate of 12% per annum, then the actual price of the flat using flat rate system is:
A person buys a flat for which he makes down payment of ₹7,50,000 and the balance is to be paid in 10 years by monthly instalments of ₹22,000 each. If the bank charges interest at the rate of 12% per annum, then the actual price of the flat using flat rate system is:
Updated On: May 21, 2024
- ₹20,50,000
- ₹19,50,000
- ₹22,00,000
- ₹18,50,000
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The Correct Option is B
Solution and Explanation
The correct option is (B): ₹19,50,000
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