Question:
Mr. A took a loan of ₹ 300000 at 10% annual interest rate and paid ₹ 5000 as monthly instalment under flat rate system. What is the term of the loan?
Mr. A took a loan of ₹ 300000 at 10% annual interest rate and paid ₹ 5000 as monthly instalment under flat rate system. What is the term of the loan?
Updated On: Apr 26, 2024
- 12 years
- 8 years
- 10 years
- 20 years
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The Correct Option is C
Solution and Explanation
The correct option is(C):10 years
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