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Instructions
Answer these questions based on the data given in the following table. The table shows the installment amounts for monthly repayments (in Rupees) on housing society loans for different periods.
Question 85
How much more money would be paid on a loan of Rs. 20,00,000 taken out over 20 years compared to the same loan taken overa period of 15 years?
Solution
Amount to be repaid while taking a loan of Rs. 20,00,000 with o repayment period of 15 years
= $$20600\times15\times12=Rs.$$ $$37,08,000$$
Amount to be repaid while taking a loan of Rs. 20,00,000 with o repayment period of 20 years
= $$18000\times20\times12=Rs.$$ $$43,20,000$$
$$\therefore$$ Cumulative financial impact = $$Rs.$$ $$(43,20,000-37,08,000)= Rs.$$ $$6,12,000$$
=> Ans - (D)
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