Hari borrowed rs. 12600 from a moneylender at 15% per annum simple interest. After 3 year, he paid rs.7070 and gave a goat to clear off the debt. What is the cost of the goat?
Answers
Answered by
23
Total amount that Hari needs to repay the money lender = Principal + Interest
Principal = Rs 12600
Interest = (Principal * Rate * Time) / 100
= (12600 * 15 * 3) / 100
= Rs 5670
So the total amount he has to repay is = 12600 + 5670 = Rs 18270
Hari pays only Rs 7070 so the remaining amount is 18270 - 7070 = Rs 11200
As the goat is given to clear off the debt, the cost of the goat is Rs 11200 (the remaining debt)
Principal = Rs 12600
Interest = (Principal * Rate * Time) / 100
= (12600 * 15 * 3) / 100
= Rs 5670
So the total amount he has to repay is = 12600 + 5670 = Rs 18270
Hari pays only Rs 7070 so the remaining amount is 18270 - 7070 = Rs 11200
As the goat is given to clear off the debt, the cost of the goat is Rs 11200 (the remaining debt)
Similar questions