Mages brought Rs 12600 at 15%per annum .After 3years hr gave Rs 7070 and a sheep to clear his debt. What is the cost of sheep ?

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Solution

Given principal amount = Rs 12600
Interest = 15 %
Time = 3 years

Assuming simple interest ,
S I = PRT/100 = 12600153/100 = 126153 = 5670

Total amount to be paid after 3 years = 12600 + 5670 = Rs 18270

In the question it is given that he gave Rs 7070 and a sheep .
So, cost of sheep = 18270 - 7070 = Rs11200
Hence, cost of sheep = Rs 11200

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