7. Kalu borrowed 5,500 at 12% interest per annum from a moneylender. At the end of 2 years, he
cleared his account by paying * 3,820 and a bullock. Find the cost of the bullock.
8. Nalini borrowed * 1,550 from a friend at 8% per annum. She returned the amount after 2 years.
How much did she pay her friend?
Answers
Step-by-step explanation:
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CBSE
Mathematics
Grade 8
Simple Interest
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Related Questions
A farmer borrowed Rs. 3600 at 15% per annum. At the end of 4 years, he cleared his account by paying Rs. 4000 and a goat. The cost of the goat is :
A) 1000
B) 1200
C) 1550
D) 1760
Answer
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Hint: Simple Interest: The simple interest can be defined as the principal amount of loan or deposit, a person makes into their bank account.
Interest=Principal×Rate×Time
The principal refers to the original amount given as a loan.
The rate refers to the percentage of the original amount you are to pay back.
Time refers to the duration in which you are supposed to pay back.
Complete step by step solution:
Money farmer borrowed amount (Principal) = Rs 3600
Farmer borrowed money at the rate of (Rate) = 15%
Farmer borrowed money for the time period(Time) = 4 years
Now after using the equation from the hint and solving the equation we can calculate the interest as mentioned below:-
Interest=Principal×Rate×Time
⇒Interest=3600×15%×4
⇒Interest=3600×15×4100
⇒Interest=2160
Simple Interest =Rs.2160
As taking principal amount and simple interest from the above calculation, we can calculate the amount after 4 years.
Accumulated Amount after 4 years including the simple interest = Rs(3600+2160)
=Rs5760
Cost of goat bought by the farmer =Rs(5760−4000)
=Rs1760
As the cost of goat bought by the farmer is Rs. 1760, So option (D) is the correct answer.
Note:
For calculating the amount after period add simple interest to the principal.
The loan period or duration is the time that the principal amount is either borrowed or invested. It is usually given in years, but in some cases, it may be quoted in months or even days. If that is the case, we need to perform a conversion from a period given in months or days, into years.
Answer:
kalu borrowed ₹5500 at 12% interest per annum from a money lender. at the end of 2 years, he cleared his account by paying ₹3820 and a bullock. find the cost of the bullock