Question

4.
A farmer borrowed 5,300 at 8% interest per annum. At the end of 2
years, he cleared his account by paying 74,600 and a watch. Find the cost
of watch.
and $ 1 000 at 5% per annum​

Answer 1

Step-by-step explanation:

Principal = 5300

Rate = 8%

Time = 5/2 = 2.5 years

S.I.=

=

100

p×r×t

=

100

5300×8×2.5

=53×8×2.5

=53×20

=1060

Amount = 5300 + 1060

=6360

Amount Paid= 4600

Price of watch= 6360-4600

=1760