A farmer borrowed 18,000 from a moneylender at a simple interest of 15% per annum. At the end of 3 yer 6 months, he settled the loan after paying 15,000 cash and a motorbike. Find the value of the motorbike.
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principal=18000
Rate of interest=15%
Time=3years and 6months
=3 1/2
=7/2
simple interest=p*n*r/100
=18000*7*15/2*100
=9450
Amount=SI+P
=9450+18000
=27450
cash=15000+motorbike=27450
cost of motorbike=27450-15000
=12450
The cost of motorbike is 12450.
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