Question

A person buys a flat for which he makes down payment of ₹7,50,000 and the balance is to be paid in 10 years by monthly instalments of ₹22,000 each. If the bank charges interest at the rate of 12% per annum, then the actual price of the flat using flat rate system is:

• A. ₹20,50,000
• B. ₹19,50,000
• C. ₹22,00,000
• D. ₹18,50,000

Answer 1

Answer: (B)

₹19,50,000

Answer 2

The correct option is (B): ₹19,50,000