CBSE Class 7 Answered

First we have to find the amount that has to be paid by Sudhir.

Here, P = Rs. 3,00,000, R = 12% and T = 3 years

Hence, using the formula,

 , we get,

So, amount to be returned by Sudhir = Principal + Interest = Rs. 300000 + Rs. 108000

                                                    = Rs. 4,08,000

Now, Amount already returned by Sudhir =  Rs. 2, 60,000

Hence, Cost of the necklace = Rs. 4,08,000 - Rs. 2,60,000

                                         = Rs. 1, 48,000