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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