Question

Mr Gurung borrowed a loan of Rs 25000 from Mr Pandey at 12% p.a.. At the end of 3 years if he agreed to pay Rs 26300 with a goat to clear his Dept , find the cost of Goat. ​

Answer 1

The price of goat is Rs 7,700

Explanation:

See the above attachment for better understanding.

Answer 2

• Rs 7700

Explanation:

Assumed it is a simple interest.

12% interest rate for 3 years is 36%.

Add 36% to the amount of the loan:

• 25000 + 36% =
• 25000*1.36 =
• 34000

The cost of the goat is the difference between the total amount and the paid:

• 34000 - 26300 =
• 7700