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A man buys a car with a loan of 20 lakh rupees with a simple interest rate of 5% per annum. He put his house on rent for 25,000 per month. With the amount he receives from house rent, he pays the interest on his loan and clears it. In how many years can he repay the loan with interest?

A man buys a car with a loan of 20 lakh rupees with a simple interest rate of 5% per annum. He put his house on rent for 25,000 per month. With the amount he receives from house rent, he pays the interest on his loan and clears it. In how many years can he repay the loan with interest? Correct Answer 10 years

Let number of years be t

Then, rent = 25000/month = 25000 × 12 = 3,00,000/year

Now, 3,00,000 × t = 20,00,000 + 20,00,000 × t × 5/100

⇒ 3,00,000 × t = 20,00,000 + 1,00,000 t

⇒ t = 20,00,000/2,00,000

∴ t = 10 years

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