Solve the following problems.

A farmer borrowed a sum of Rs. 10,000 as loan from a co-operative society at 8% p.a simple interest. The government exempted 2% interest as famine relief. He returned the loan after 5 years. How much interest did he save?

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Solution

Government exempted 2% interest. Thus, we have

Thus, we get

∴ Money saved = Rs.(4000 − 3000) = Rs.1000

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Solve the following problems. A farmer borrowed a sum of Rs. 10,000 as loan from a co-operative society at 8% p.a simple interest. The government exempted 2% interest as famine relief. He returned the loan after 5 years. How much interest did he save?

Government exempted 2% interest. Thus, we have Thus, we get ∴ Money saved = Rs.(4000 − 3000) = Rs.1000

Solve the following problems.

A farmer borrowed a sum of Rs. 10,000 as loan from a co-operative society at 8% p.a simple interest. The government exempted 2% interest as famine relief. He returned the loan after 5 years. How much interest did he save?

Government exempted 2% interest. Thus, we have

Thus, we get

∴ Money saved = Rs.(4000 − 3000) = Rs.1000