Raghav buys a shop for ₹ 1,20,000. He pays half of the amount in cash and agrees to pay the balance in 12 annual instalments of ₹ 5000 each. If the rate of interest is 12% and he pays with the instalment the interest due on the unpaid amount, find the total cost of the shop.
A₹ 1,60,800
B₹ 1,66,800
C₹ 1,68,800
D₹ 1,60,000