Question

Hari borrowed 12600 from a moneylender at 15% per annum simple interest. After
3 years, he paid 7070 and gave a goat to clear off the debt. What is the cost of the goat?​

Answer 1

➤ Given :-

Principle :- ₹12600

Rate of interest :- 15%

Time :- 3 years

Amount paid :- ₹7070 (with a goat)

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➤ To Find :-

The cost of the goat.

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➤ Formula required :-

${\tt \large \dashrightarrow \orange{\boxed{\tt \gray{Total \: Amount - Amount \: paid}}}}$

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★ How to do :-

Here, we are given that a boy borrowed 12600 rupees from a lender at 15% of rate and the time given yo return the money back is 3 years. He gave the lender 7070 rupees with a goat. The paid amount and the cost of goat together is equal to the total amount. So, first we should calculate the total amount by multiplying the principle, rate and time and then divide by 100 and finally add the principle amount to simple interest. Next, we can use the given to calculate the price of goat.

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➤ Solution :-

Simple Interest :-

${\tt \leadsto \dfrac{12600 \times 15 \times 3}{100}}$

${\tt \leadsto \dfrac{ \cancel{12600} \times 15 \times 3}{\cancel{100}} = 126 \times 15 \times 3}$

${\tt \leadsto 126 \times 45 = \boxed{\tt 5670}}$

Total amount :-

${\tt \leadsto 5670 + 12600}$

${\tt \leadsto Rs \: \: 18270}$

Now,

Cost of goat :-

${\tt \leadsto 18270 - 7070}$

${\tt \leadsto \boxed{\tt Rs \: \: 11200}}$

$\Huge\therefore$ The cost of the goat is ₹11200.

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$\dashrightarrow$ Some related formulas :-

$\sf \longrightarrow \boxed{\sf Simple \: Interest = \dfrac{P \times R \times T}{100}}$

$\sf \longrightarrow \boxed{\sf Principle = \dfrac{SI \times 100}{R \times T}}$

$\sf \longrightarrow \boxed{\sf Rate \: of \: Interest = \dfrac{SI \times 100}{P \times T }}$

${\sf \longrightarrow \boxed{\sf Time = \dfrac{SI \times 100}{P \times R}}}$