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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 88

Instead of taking a loan of Rs. 10,00,000 with o repayment period of 15 years, the society proposesto take a loan of Rs. 15,00,000 to be paid back in 10 years to provide for a generator set. What is the cumulative financial impact ?

Solution

Amount to be repaid while taking a loan of Rs. 10,00,000 with o repayment period of 15 years

= $$10300\times15\times12=Rs.$$ $$18,54,000$$

Amount to be repaid while taking a loan of Rs. 15,00,000 with o repayment period of 10 years

= $$19400\times10\times12=Rs.$$ $$23,28,000$$

$$\therefore$$ Cumulative financial impact = $$Rs.$$ $$(23,28,000-18,54,000)= Rs.$$ $$4,74,000$$

=> Ans - (B)

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