Hari borrowed Rs 12600 from a moneylender at 15% p.a. simple interest. 3 years later, he paid Rs 7070 and sold a goat to clear off his debt. What is the cost of the goat?

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Rs 12000

Rs 11200

Rs 12400

Rs 11800

answer is B.

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Detailed Solution

Given that,
P = Rs. 12600
R = 15 % p.a.
T = 3 years
We have,
simple interest

= P × R × T 100

where P=principal, R=rate and T=time.
Amount=Principal + simple interest.
Apply simple interest formula:
Question Image

Apply Amount=Principal + simple interest

∴ Amount = 9600 + 300

As Hari had to pay Rs 18270 to the moneylender, but he paid Rs. 7070 and a goat, therefore cost of the goat =18270 -7070 = Rs 11200.
Hence, the cost of the goat is Rs 11200.
Therefore, the correct option is 2.

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