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Arush Anand 10 years ago

In order to buy a car a man borrowed Rs 180000 on condition that he had to pay 7.5 percent interest every year.He also agreed to repay principal at equal installments over 21 years.After certain number of years the rate of interest has been reduced to 7 percent .It is also known that at the end of agreed period he will have paid in all Rs 270900 in interest .For how many years does he paid at the reduced interest ?
a) 7 years b) 12 years c) 14 years d) 15 years e) 16 years

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neha gupta 10 years ago

Let for n years he paid interest 7.5%
and for (21-n) years interest paid was 7%
so,
((180000*n*7.5)/100) + ((180000*7*(21-n))/100) = 270900
solving it we get n=7
so for 21-7 = 14 years he paid the reduced interest

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Arush Anand 10 years ago

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Arush Anand 10 years ago

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neha gupta 10 years ago

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Arush Anand 10 years ago

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Arush Anand 10 years ago

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Arush Anand 10 years ago

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Arush Anand 10 years ago

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Arush Anand 10 years ago

In order to buy a car a man borrowed Rs 180000 on condition that he had to pay 7.5 percent interest every year.he also agreed to repay principal at equal installments over 21 years.After certain number of years the rate of interest has been reduced to 7 percent .It is also known that at the end of agreed period he will have paid in all Rs 270900 in interest .For how many years does he paid at the reduced interest rate.

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