Home/Class 7/Maths/

## QuestionMathsClass 7

A farmer borrowed $$Rs.\ 60000$$ from a lender at $$8\%$$ per annum, for $$2$$ years. After the stipulated time he gave a cow and $$Rs.\ 66000$$ to settle the account. How much price did he get for the cow?

Principal $$=Rs.\ 60000$$
Time $$=2$$ years
Rate $$=8\%$$ p.a.
We know that, $$S.I. =\frac{P\times R\times T}{100}$$
Simple Interest $$=Rs.\ \frac {60000\times 8\times 2}{100}=Rs.\;600\times 8\times 2=Rs.\ 9600$$
Amount $$= Principal + S.I.= Rs.\ 60000+Rs.\ 9600$$
$$=Rs.\ 69600$$
Cash paid $$=Rs.\ 66000$$
$$\therefore$$ Price of cow $$=Rs.\ 69600-Rs.\ 66000$$
$$= Rs.\ 3600$$