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

Step-by-step explanation:

Complete step-by-step answer:

According to the question,

Principal (P) = Rs.12600

Rate (R) = 15%

Time (T) = 3 years

After 3 years, he will pay back money with interest hence, we have to calculate the simple interest first

Simple Interest (I) = P×T×R100

I=12600×15×3100

3. Therefore, the interest paid on the principal amount is Rs.5670

Amount to be paid after 3 years = P+I

Amount = 12600 + 5670

Amount = Rs.18270

Hari pays Rs.7070 and a goat to clear off the debt after 3 years.

So, Amount = 7070 + Costbuffalogoat

Let the cost of buffalo be x,

18270=7070+x

x=18270−7070

x=11,200

Therefore, the cost of the goat is Rs.11,200.