Word problem 1 (tax and income tax)
Problem 1: The rent of a flat is 250 Rs per month. The house tax is to be charged 10% yearly, but 12% of the house rent is deducted for repair and other expenses. What is the amount of house tax?
Monthly rent is given here, but tax is applied on yearly basis- so we will calculate one years rent first;
But 12 % of rent is deducted for repairing;
10% of this remaining amount will be tax!