A farmer borrowed Rs. 3600 at 15% per annum. At the end of 4 years, he cleared his account by paying Rs. 4000 and a goat. The cost of the goat is :

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1000

1200

1550

1760

answer is D.

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Detailed Solution

Concept- Simple interest can be defined as the principal of a loan or deposit that a person deposits into a bank account.

Principal is the amount originally granted as a loan. Installments are the percentage of the original amount that must be repaid. Time refers to the period of time you are expected to repay.
Borrowing amount from money farmer (principal) = Rs 3600 The farmer borrowed money at an interest rate of (interest rate) = 15% Farmers have borrowed money for a period (hours) = 4 years Now that we have solved the equation from the clues using the equation, we can calculate the interest as follows:
Question Image

Since the principal and simple interest are taken from the above calculation, the amount after 4 years can be calculated. Cumulative amount after 4 years including simple interest

Cost of goats purchased from farmers=

Hence, the correct answer is option (4).

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