Question

a farmer borrowed Rs 7500 from a money lender at 8% per annum after 5 year the farmer cleared the account by giving Rs 10000 and two gold coins. find the cost of each coin

Answer 1

Principal = 7500
Rate = 8%
Time = 5 years
SI = 7500×8×5/100
=> 3000
amount = 7500+3000
=> 10500
amount of money he gave back= 1000
remaining money = 10500-1000
=> 500
cost of each coin = 500/2
=> 250
hence the cost of each coin is 250 Rs

Answer 2

given,
principal = 7500
Rate = 8%
Time = 5 year
SI = 7500×8×5/100
=> 75×40
=> 3000
Amount = 7500+3000 = 10500
Amount of money he gave back = 10500-10000 = 500
Cost of each coin = 500/2 = 250
hence the required cost of each coin is 250.