Question
Quantitative Aptitude Question on Installments
Mr. A took a loan of ₹ 300000 at 10% annual interest rate and paid ₹ 5000 as monthly instalment under flat rate system. What is the term of the loan?
A
12 years
B
8 years
C
10 years
D
20 years
Answer
10 years
Explanation
Solution
The correct option is(C):10 years