A housing company has quoted ₹19,20,000 for a new flat in one of their buildings. The company offers two kinds of installment plans:
Option A: Make an initial payment of ₹4,80,000 and pay the balance amount after 5 years with an interest rate of 9% per year.
Option B: Make an initial payment of ₹4,80,000 and pay the balance in 60 monthly installments of ₹31,200 each.
Calculate the total amount paid in each plan. Determine which option is cheaper, and by how much.
