Farmer borrowed some money from bank. he cleared his debt by paying 10000 at the end of one and a half year .if the bank charges 12% per annum find the cost she borrowed
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Principal = 2400here principal = 2400
Rate of interst = 12 per annum
time = 2.5 years
First we will calculate simple interest
SI = p*R*T/100;
= 2400 *12*2.5/100
= 720.
SO Total amount To PAy at the end of 2.5 years= Principal + Simple Interest
= 2400 +720
= 3120
The borrower pays 1200 and Cow.
therefore ,
1200+COst of Cow = 3120
cost of cow = 3120 - 1200
Cost of cow = 1920.
Rate of interst = 12 per annum
time = 2.5 years
First we will calculate simple interest
SI = p*R*T/100;
= 2400 *12*2.5/100
= 720.
SO Total amount To PAy at the end of 2.5 years= Principal + Simple Interest
= 2400 +720
= 3120
The borrower pays 1200 and Cow.
therefore ,
1200+COst of Cow = 3120
cost of cow = 3120 - 1200
Cost of cow = 1920.
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