Ram borrowed Rs 4,00,000 at 12% p.a from the money lender .At the end of 3 years he cleared the account by giving 3,60,00 and a gold necklace. Find the cost of the necklace.
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Answer:
Hence price of necklace is Rs 184000.
Step-by-step explanation:
Principal=RS 400000
Rate=12%
Time=3 years
Interest = (PTR)÷100
= (400000*3*12)÷100
=14400000÷100
=144000
Paid amount= 360000+necklace
Amount=P+I
360000+necklace=400000+144000
360000+necklace=544000
necklace =544000 - 360000
necklace= 184000
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