Ken borrowed $2000 from Sam at 8% per annum. After 6 year he cleared the amountby giving $2600 cash and a watch. Find the cost of the watch
Ken borrowed $2000 from Sam at 8% per annum. After 6 year he cleared the amountby giving $2600 cash and a watch. Find the cost of the watch
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let us find the interest for 6 years ,
p = $2000 , t = 6 , rate = 8%
( p× t × r)/ 100
= (2000× 6 × 8) /100
= 960
the interest is = $ 960
the total amount to be cleared after 6 years = p.a + interest
= 2000+ 960
= $2960
ken cleared by giving $2600 and a watch
cost of watch = $ 2960- 2600
= $ 360
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