A farmer borrowed Rs.60,000 and agreed to repay with interest in a year in twelve monthly installments. The first installments was Rs.12,000. the next each installment was less than the preceding one by Rs.1000. Find the total amount he paid in the whole year and what was the interest charged?

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Filo · Accepted Answer

Total amount =Rs.60000First installment (a)=Rs.12000Common difference (d)=−Rs.1000Total no. of months in which amount to be paid (n)=12Therefore,Total amount paid by farmer =2n​[2a+(n−1)d]=212​[2×12000+(12−1)(−1000)]=6×(24000−11000)=6×13000=Rs.78000Interest paid by farmer =78000−60000=Rs.18000

Question Text	A farmer borrowed $R s .60, 000$ and agreed to repay with interest in a year in twelve monthly installments. The first installments was $R s .12, 000$ . the next each installment was less than the preceding one by $R s .1000$ . Find the total amount he paid in the whole year and what was the interest charged?
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