Question

Mr.Mike borrowed Rs.55000 from Sam at 5% per annum. After 5 years he cleared the amount by giving Rs.8,500 cash and a bag. Find the cost of the bag.

Answer 1

Answer:

5250

Step-by-step explanation:

since 5% of 55000 is 2750

and 5yr tenure

5*2750=13750

so 13750 - 8500( cash )=5250(bag)

Answer 2

Step-by-step explanation:

• We need to find the interest for 5 years.
• P = Rs 55,000
• T = 5
• Rate = 5%
• So to find interest we get S.I = P x R x T / 100
•     = 55000 x 5 x 5 / 100
•     = 13,750
• So the interest is Rs 13,750
• Now the total amount to be cleared after 5 years will be  per annum + interest
•      = 55,000 + 13,750
•       = Rs 68,750
• So Mike cleared by giving Rs 8500 and a bag.
• Therefore cost of bag = 68750 – 8500
•                                     = Rs 60,250

Reference link will be

https://brainly.in/question/321176