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

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Manager
Joined: 23 Sep 2016
Posts: 214
A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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21 Mar 2018, 21:58
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Difficulty:

45% (medium)

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%
Intern
Joined: 14 Mar 2018
Posts: 10
Re: A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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21 Mar 2018, 22:20
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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
Director
Joined: 31 Jul 2017
Posts: 516
Location: Malaysia
Schools: INSEAD Jan '19
GMAT 1: 700 Q50 V33
GPA: 3.95
WE: Consulting (Energy and Utilities)
A house loan needs to be repaid in 240 equal monthly installments over  [#permalink]

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22 Mar 2018, 02:49
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, 02:49
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# A house loan needs to be repaid in 240 equal monthly installments over

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