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What is the rate of interest on loan

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You want to take world tour which costs Rs.1000000 the cost is expected to remain unchanged in nominal terms. You are willing to save annually Rs.80000 to fulfill your desire. How long will you have to wait if your saving earn a return of 14% p.a.?

You plan to buy a flat for Rs.200000 by making Rs.40000 down payment. A house financing company offers you a 12 year mortgage requiring end-of- year payment of 28593. The company also wants you to pay Rs.5000 as the loan processing fee, which they will deduct from the amount of loan given to you. What is the rate of interest on loan?

Reference no: EM133112568

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