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Answer :

When farmer takes loan from agricultural society:


P = Rs. 5000, r = 4, t = 1 and I = ?


As we know,




I = Rs. 200


When a farmer takes loan from the bank:


P = Rs. 5000, r = 7.4, t = 1 and I = ?


As we know,




I = Rs. 370


Hence, the money saved by farmer


= Interest(when loan is taken from bank) – Interest(from agricultural society)


370 – 200 = Rs. 170


Hence, money saved by farmer = Rs. 270


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