All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
Class 5 Exam  >  Class 5 Questions  >  A farmer takes a loan of 45,000 at 15% per an... Start Learning for Free
SaveJoin the Discussion on the App
A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?
Clear all your Class 5 doubts with EduRev
Most Upvoted Answer
A farmer takes a loan of 45,000 at 15% per annum to instal a pump in h...
Loan Details:
- Principal amount: $45,000
- Annual interest rate: 15%

Year 1:
- At the end of the first year, the farmer pays back $15,000 to the bank along with the interest due.
- To calculate the interest due at the end of the first year, we use the formula:
Interest = Principal × Rate × Time

Calculating Interest for Year 1:
- Principal = $45,000
- Rate = 15% = 0.15
- Time = 1 year

Interest = $45,000 × 0.15 × 1 = $6,750

Total Amount Paid at the end of Year 1:
- The farmer pays back $15,000 to the bank along with the interest due, which is $6,750.
- Therefore, the total amount paid at the end of Year 1 is $15,000 + $6,750 = $21,750.

Year 2:
- At the end of the second year, the farmer pays back the balance amount to the bank.
- To calculate the balance amount, we subtract the total amount paid at the end of Year 1 from the principal amount.

Calculating Balance Amount:
Principal amount = $45,000
Total amount paid at the end of Year 1 = $21,750

Balance amount = Principal amount - Total amount paid at the end of Year 1
Balance amount = $45,000 - $21,750 = $23,250

Total Amount Paid at the end of Year 2:
- The farmer pays back the balance amount of $23,250 to the bank at the end of the second year.

Conclusion:
- At the end of the 2nd year, the farmer pays $23,250 to the bank.
- The total amount paid by the farmer to the bank includes the initial payment of $15,000 at the end of the first year and the balance amount of $23,250 at the end of the second year.
- Therefore, the farmer pays a total of $15,000 + $23,250 = $38,250 to the bank at the end of the 2nd year.
Attention Class 5 Students!
To make sure you are not studying endlessly, EduRev has designed Class 5 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 5.
Explore Courses for Class 5 exam

Similar Class 5 Doubts

Read the following passages carefully and answer the questions that follow:The Boatman and the Rich FarmerOne night a farmer was on his way back home on a boat. He traded far and wide. He was very rich and owned many acres of land.Shortly after the boat set sail, it capsised. He was distressed because he did not know how to swim. At that moment a boatman happened to sail by. The farmer seeing him begged to save him and promised all the land that he had in reward. Seeing the earnestness, the boatman saved him and they sailed together. As they crossed the middle of the river, the farmer offered half of the land and the rest he said would be a bare necessity against his wifes rebukes. The boatman did not reply. Again as they reached near the shore, he offered him the one-fourth of his total land and requested the boatman that he would require only a little for himself. As they reached the bank. The farmer reasoned out and said what could be use of a land to a boatman who spends most of his time in the river and offered him only a coin worth rupees five.One must never cheat others toil because the power to pay is a privilege given by God.One must be careful enough to overcome ones greed.Q. The farmer gave the boatman

Read the following passages carefully and answer the questions that follow:The Boatman and the Rich FarmerOne night a farmer was on his way back home on a boat. He traded far and wide. He was very rich and owned many acres of land.Shortly after the boat set sail, it capsised. He was distressed because he did not know how to swim. At that moment a boatman happened to sail by. The farmer seeing him begged to save him and promised all the land that he had in reward. Seeing the earnestness, the boatman saved him and they sailed together. As they crossed the middle of the river, the farmer offered half of the land and the rest he said would be a bare necessity against his wifes rebukes. The boatman did not reply. Again as they reached near the shore, he offered him the one-fourth of his total land and requested the boatman that he would require only a little for himself. As they reached the bank. The farmer reasoned out and said what could be use of a land to a boatman who spends most of his time in the river and offered him only a coin worth rupees five.One must never cheat others toil because the power to pay is a privilege given by God.One must be careful enough to overcome ones greed.Q. The farmer requested boatman

Read the following passages carefully and answer the questions that follow:The Hidden TreasureOnce upon a time there lived a farmer who had four sons. But all of them were lazy and fought among themselves. So he was very sad.When he was in deathbed, he called all four of them and told that he had hidden a treasure somewhere deep under the soil in his field. However, he did not remember the right place. The sons were all very excited. After their father s death, they rushed to the field and dug up every nook and corner. But did not find any treasure. At that moment a wise man happened to pass by Recognising the motive behind their father swords, he advised them to sow seeds and they did the same. Shortly after, a rich harvest waited for them to be reaped. They were all very happy and realised the importance of hard work. They respected their father all the more because he had taught them a valuable lesson.Q. The farmers sons were

Read the following passages carefully and answer the questions that follow:The Hidden TreasureOnce upon a time there lived a farmer who had four sons. But all of them were lazy and fought among themselves. So he was very sad.When he was in deathbed, he called all four of them and told that he had hidden a treasure somewhere deep under the soil in his field. However, he did not remember the right place. The sons were all very excited. After their father s death, they rushed to the field and dug up every nook and corner. But did not find any treasure. At that moment a wise man happened to pass by Recognising the motive behind their father swords, he advised them to sow seeds and they did the same. Shortly after, a rich harvest waited for them to be reaped. They were all very happy and realised the importance of hard work. They respected their father all the more because he had taught them a valuable lesson.Q. The farmer

Top Courses for Class 5View all

Top Courses for Class 5

A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?
Question Description
A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? for Class 5 2024 is part of Class 5 preparation. The Question and answers have been prepared according to the Class 5 exam syllabus. Information about A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? covers all topics & solutions for Class 5 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?.
Solutions for A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? in English & in Hindi are available as part of our courses for Class 5. Download more important topics, notes, lectures and mock test series for Class 5 Exam by signing up for free.
Here you can find the meaning of A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? defined & explained in the simplest way possible. Besides giving the explanation of A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year?, a detailed solution for A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? has been provided alongside types of A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? theory, EduRev gives you an ample number of questions to practice A farmer takes a loan of 45,000 at 15% per annum to instal a pump in his field. He pays back 15,000 to the bank along with the interest due at the end of the first year. At the end of the second year he pays back the balance to the bank. How much does the farmer pay to the bank at the end of the 2nd year? tests, examples and also practice Class 5 tests.
Explore Courses for Class 5 exam

Top Courses for Class 5

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Get App
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup