Question

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

Answer 1

Given:

Principal $\left(P\right)=Rs.12600$

Rate of interest $\left(R\right)=15\%$

Time $T=3$ years

Now, lets evaluate Simple interest $(S.I)$ in $3$ years

$S.I=\frac{P\times R\times T}{100}$

$\Rightarrow S.I=\frac{12600\times 15\times 3}{100}$

$\Rightarrow S.I=126\times 15\times 3$

$\Rightarrow S.I=Rs.5670$

Total amount in $3$ years $=P+S.I$

$\Rightarrow A=Rs.12600+Rs.5670$

$\Rightarrow A=Rs.18270$

It is given that, After $3$ years, Hari paid $Rs.7070$ and gave a goat to clear off the debt.

$\Rightarrow$ The cost of the goat $=Rs.18270-Rs.7070=Rs.11200$

Hence, $Rs.11200$ is required answer.