Question

A farmer borrowed 2,400 at 12% interest per annum. At the end of three years, he repaid 1,200 and a cow for the balance amount. Find the cost of the cow

Answer 1

Step-by-step explanation:

Let the sum borrowed be Z. Then,

(Zx6x2⁄100) + (Zx9x3⁄100) + (Zx14x4⁄100) = 11400

Therefore, 3Z⁄25 + 27Z⁄100 + 14Z⁄25) = 11400

? 95Z⁄100 = 11400

Z = (11400x100⁄95) = 12000

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