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A house loan needs to be repaid in 240 equal monthly installments over

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Manager
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Joined: 23 Sep 2016
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A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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New post 21 Mar 2018, 22:58
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Question Stats:

57% (01:50) correct 43% (02:50) wrong based on 18 sessions

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A house loan needs to be repaid in 240 equal monthly installments over 20 years. If the interest component is 70%,50%,40%, and 20% of the first, second, third, and forth set of 60 installments, what percentage of the total repayment constitutes the interest compound?
A. 35%
B. 40%
C. 45%
D. 50%
E. 55%
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Re: A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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New post 21 Mar 2018, 23:20
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rishabhmishra wrote:
A house loan needs to be repaid in 240 equal monthly installments over 20 years. If the interest component is 70%,50%,40%, and 20% of the first, second, third, and forth set of 60 installments, what percentage of the total repayment constitutes the interest compound?
A. 35%
B. 40%
C. 45%
D. 50%
E. 55%


we need the mean of all these numbers
(70+50+40+20)/4 = 45%
Because equal monthly installments and equal time period
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Schools: INSEAD Jan '19
GMAT 1: 700 Q50 V33
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A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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New post 22 Mar 2018, 03:49
rishabhmishra wrote:
A house loan needs to be repaid in 240 equal monthly installments over 20 years. If the interest component is 70%,50%,40%, and 20% of the first, second, third, and forth set of 60 installments, what percentage of the total repayment constitutes the interest compound?
A. 35%
B. 40%
C. 45%
D. 50%
E. 55%


let \(x\) be the Initial Investment.
Total Interest for 20 Years = \(9x\)
Total investment for 20 Years = \(20x\)

\(\frac{9x}{20x} = k\)

\(k = 0.45\)
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A house loan needs to be repaid in 240 equal monthly installments over &nbs [#permalink] 22 Mar 2018, 03:49
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A house loan needs to be repaid in 240 equal monthly installments over

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