Answer :
After 1 yr loan becomes
P = Rs. 240000, r = 12, t = 1 and I = ?
Since,
⇒ I = Rs. 28,800
Thus, amount becomes after n yr is
Amount = Principal + n× Intertest
⇒ Amount = 240000 + n× 28800 = Rs. (240000 + 28800n)
He rents the house at the rate of Rs. 5200 per month
n years = 12×n months
The earns rent = 5200×12×n = 62400×n
⇒ 62400n = (240000 + 28800n)
⇒ (62400 - 28800)n = 240000
⇒ n =
Hence, he will take years for to repay his loan along with interest.
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