Question
Which loan does not require the borrower to pay back
during their lifetime?Solution
In a reverse mortgage loan, the borrower is not required to pay back the loan during their lifetime. Reverse mortgage is a type of loan available to elderly homeowners where they can convert a portion of the equity in their home into loan funds. The loan is typically repaid when the borrower permanently moves out of the home, passes away, or sells the property. Until then, the borrower does not make any monthly mortgage payments. Instead, the loan balance increases over time as interest and fees accumulate. The loan is usually repaid from the proceeds of the sale of the home.
The cost of a taxi ride from Ahmedabad to Surat is Rs. 600 per person. The bus fare for one person on the same route is one-seventh of the total taxi fa...
The cost price of a washing machine is Rs. 15,000. The washing machine is marked 25% above its cost price and sold after a discount of Rs. 1,500. If the...
A shopkeeper planned to sell 200 shirts each priced at Rs 2,240 in a particular year. Each shirt, if it had been sold at the mentioned price would have...
If a boat travels 15 km more in downstream than in upstream in 3 hours and if the speed of the Boat in still water is 17 kmph. Find the distance tra...
A seller sold a vehicle for Rs. 81,000 with the loss of 10%. At what price be sold to earn 10% profit?
A book was sold for Rs. 250.90, earning a profit of 18%. If the selling price had been Rs. 230.40 instead, what would have been the profit or loss perce...
A retailer marked an item 25% above its cost price. If the cost price of the item is Rs. 640 and he offered a discount of 15% on the marked price, find ...
Find the profit percentage earned on a school bag if it was sold at Rs.1710 after offering a discount of 10% and the marked price of a school bag is Rs....
A company produces two types of products, A and B. The production cost of A is Rs. 300 per unit, and the production cost of B is Rs. 450 per unit. The c...
