Question

Question3. Rooplal borrowed Rs 12650 from a cooperative society at 18 % per
annum. After 3 years, he paid Rs 10381 and a gave a buffalo to clear the debt.
What is the cost of buffalo?
TOT​

Answer 1

Let buffalo cost=x
Principal =₹12650
Rate=18%p.a
Time=3 years
Amount=₹(10381+x). .........1

For first year,
P=₹12650. R=18%
I=P*R*T/100
=12650*18*1/100
=₹2277
A=P+I
=12650+2277
=₹14927

For second year,
P=₹14927. R=18%
I=P*R*T/100
=14927*18*1/100
=₹2686.86
A=P+I
=14927+2686.86
=₹17613.86

For third year,
P=₹17613.86. R=18%
I=P*R*T/100
=17613.86*18*1/100
=₹3170.4948
A=P+I
=17613.86+3171.4948
=₹20784.3548 ........2

Now,equating 1=2
10381+x=20784.3548
x=20784.3548-10381
x=₹10403.3548
So,cost of buffalo =₹10403.3548