A farmer borrowed 5,300 at 8% interest per annum. At the end of 2)
years, he cleared his account by paying ? 4,600 and a watch. Find the cost
of watch.
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Answer:
Given principle(P)=Rs. 5300
Interest rate(r)=8%
Time=221=25
Total amount=P(1+100nr)=5300⎝⎜⎜⎛1+10025×8⎠⎟⎟⎞=5300(1.2)=Rs. 6360
Total amount= Paid amount+Watch price
6360=4600+watch
⇒ Watch=Rs. 1760
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