A farmer borrowed ` 6,500 at 8% interest per annum. At the end of 3
1
2
years, he
cleared his account by paying ` 6,700 and a watch. Find the cost of watch with full explaination
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Given : A farmer borrowed ` 6,500 at 8% interest per annum. At the end of 3 1/2 years, he cleared his account by paying ` 6,700 and a watch.
To Find : the cost of watch
Solution:
P = 6500
R = 8 %
T = 3 1/2 years
SI = P * R * T /100
= 6500 * 8 * (7/2)/100
= 65 * 4 * 7
= 1820
Total Amount = 6500 + 1820
= 8320
Paid = 6700
Cost of watch = 8320 - 6700
= 1620 Rs
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