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Sudhir borrowed Rs. 3,00,000 at 12% per annum from a money-lender. At the end of 3 years, he cleared the account by paying Rs. 2,60,000 and a gold necklace. Find the cost of the necklace.

Asked by Topperlearning User 4th June 2014, 1:23 PM
Answered by Expert
Answer:

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 

Answered by Expert 4th June 2014, 3:23 PM
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