Ritika Sharma

CAT Preparation Community 4y ago

mr. x, a very industrious person, wants to establish his own unit. for this he needs an instant loan of ` 5,00,000 and, every five years he requires an additional loan of `100,000. if he had to clear all his outstandings in 20 years, and he repays the principal of the first loan equally over the 20 years, find what amount he would have to pay as interest on his initial borrowing if the rate of interest is 10% p.a. simple interest.