A person buys a flat for which he makes down payment of ₹7,50,000 and the balance is to be paid in 10 years by monthly instalments of ₹22,000 each. If the bank charges interest at the rate of 12% per annum, then the actual price of the flat using flat rate system is :

₹20,50,000 ₹19,50,000 ₹22,00,000 ₹18,50,000

₹19,50,000

The correct answer is Option (2) - ₹19,50,000