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Asked by Sumit Last Modified
Answer 
Tasneem
It is given that the farmer pays Rs 6000 in cash.
Therefore, unpaid amount = Rs 12000 – Rs 6000 = Rs 6000
According to the given condition, the interest paid annually is
12% of 6000, 12% of 5500, 12% of 5000, …, 12% of 500
Thus, total interest to be paid = 12% of 6000 + 12% of 5500 + 12% of 5000 + … + 12% of 500
= 12% of (6000 + 5500 + 5000 + … + 500)
= 12% of (500 + 1000 + 1500 + … + 6000)
Now, the series 500, 1000, 1500 … 6000 is an A.P. with both the first term and common difference equal to 500.
Let the number of terms of the A.P. be n.
∴ 6000 = 500 + (n – 1) 500
⇒ 1 + (n – 1) = 12
⇒ n = 12
∴Sum of the A.P 
Thus, total interest to be paid = 12% of (500 + 1000 + 1500 + … + 6000)
= 12% of 39000 = Rs 4680
Thus, cost of tractor = (Rs 12000 + Rs 4680) = Rs 16680
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