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A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch?
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A farmer borrowed rupees 5300 at 8 percent interest per annum at the e...
Understanding the Loan Details
The farmer borrowed an amount of rupees 5300 at an interest rate of 8% per annum. The loan period is 2.5 years (2 years and 6 months).
Calculating the Total Interest
To find out how much interest the farmer has to pay, we first calculate the total interest over 2.5 years.
- Principal Amount (P): 5300
- Rate of Interest (R): 8% per annum
- Time (T): 2.5 years
The formula for simple interest is:
Interest = P × R × T / 100
Now, substituting the values:
- Interest = 5300 × 8 × 2.5 / 100
- Interest = 1060
Total Amount to be Paid
Next, we determine the total amount the farmer needs to pay back:
- Total Amount = Principal + Interest
- Total Amount = 5300 + 1060 = 6360
Paying Off the Debt
The farmer cleared his account by paying rupees 4600 in cash along with a watch.
Finding the Cost of the Watch
To find the cost of the watch, we can use the following calculation:
- Amount Paid = 4600 + Cost of Watch
- Total Amount = 6360
Setting up the equation gives:
- 4600 + Cost of Watch = 6360
Thus,
- Cost of Watch = 6360 - 4600
- Cost of Watch = 1760
Conclusion
The cost of the watch that the farmer used to clear his account is rupees 1760.
The farmer borrowed an amount of rupees 5300 at an interest rate of 8% per annum. The loan period is 2.5 years (2 years and 6 months).
Calculating the Total Interest
To find out how much interest the farmer has to pay, we first calculate the total interest over 2.5 years.
- Principal Amount (P): 5300
- Rate of Interest (R): 8% per annum
- Time (T): 2.5 years
The formula for simple interest is:
Interest = P × R × T / 100
Now, substituting the values:
- Interest = 5300 × 8 × 2.5 / 100
- Interest = 1060
Total Amount to be Paid
Next, we determine the total amount the farmer needs to pay back:
- Total Amount = Principal + Interest
- Total Amount = 5300 + 1060 = 6360
Paying Off the Debt
The farmer cleared his account by paying rupees 4600 in cash along with a watch.
Finding the Cost of the Watch
To find the cost of the watch, we can use the following calculation:
- Amount Paid = 4600 + Cost of Watch
- Total Amount = 6360
Setting up the equation gives:
- 4600 + Cost of Watch = 6360
Thus,
- Cost of Watch = 6360 - 4600
- Cost of Watch = 1760
Conclusion
The cost of the watch that the farmer used to clear his account is rupees 1760.
Community Answer
A farmer borrowed rupees 5300 at 8 percent interest per annum at the e...
Cost of watch is ₹1760
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A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch?
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A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch? for Class 6 2024 is part of Class 6 preparation. The Question and answers have been prepared according to the Class 6 exam syllabus. Information about A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch? covers all topics & solutions for Class 6 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch?.
A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch? for Class 6 2024 is part of Class 6 preparation. The Question and answers have been prepared according to the Class 6 exam syllabus. Information about A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch? covers all topics & solutions for Class 6 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A farmer borrowed rupees 5300 at 8 percent interest per annum at the end of 2 hole 1 by 2 years he cleared his account by paying rupees 4600 and a watch Find the cost of watch?.
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