Question

borrowed 12,600 from a money lender at 15%
per annum simple interest. After 1 year, he paid 7070
and gave a buffalo to clear off the debt. What is the
cost of the buffalo?​

Answer 1

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GiveN:

Borrowed amount = Rs. 12600

Rate of Interest = 15%

Time = 1 year

Amount paid = Rs. 7070 + a buffalo

To FinD:

Cost of the buffalo?

Step-wise-Step Explanation:

Finding the SI first,

By using formula, SI = PTR / 100,

⇒ SI = 12600 × 1 × 15 / 100

⇒ SI = 1890

Amount to be paid after 1 year:

= Principal + SI

= Rs. 12600 + Rs. 1890

= Rs. 14490

What Hari paid after 1 year?

⇒ Rs. 7070 + A buffalo = Rs. 14490

⇒ Cost of the buffalo = Rs. 14490 - Rs. 7070

⇒ Cost of the buffalo = Rs. 7420

Hence,

Cost of the buffalo given away by Hari to clear the debt was Rs. 7420. And we are done!

Answer 2

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GiveN:

Borrowed amount = Rs. 12600

Rate of Interest = 15%

Time = 1 year

Amount paid = Rs. 7070 + a buffalo

To FinD:

Cost of the buffalo?

Step-wise-Step Explanation:

Finding the SI first,

By using formula, SI = PTR / 100,

⇒ SI = 12600 × 1 × 15 / 100

⇒ SI = 1890

Amount to be paid after 1 year:

= Principal + SI

= Rs. 12600 + Rs. 1890

= Rs. 14490

What Hari paid after 1 year?

⇒ Rs. 7070 + A buffalo = Rs. 14490

⇒ Cost of the buffalo = Rs. 14490 - Rs. 7070

⇒ Cost of the buffalo = Rs. 7420

Hence,

Cost of the buffalo given away by Hari to clear the debt was Rs. 7420. And we are done!