Nitin borrowed some money at the rate of 4% p.a. for the first three years, 9% p.a. for the next ...
Nitin borrowed some money at the rate of 4% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?
Answer/Solution
Rs. 8242.42
Steps/Work
Let the sum be Rs. x. Then,
[(x * 4 * 3)/100] + [(x * 9 * 5)/100] + [(x * 13 * 3)/100] = 8160
12x + 45x + 39x = (8160 * 100)
99x = 816000 => x = 8242.42.
ANSWER:D
[(x * 4 * 3)/100] + [(x * 9 * 5)/100] + [(x * 13 * 3)/100] = 8160
12x + 45x + 39x = (8160 * 100)
99x = 816000 => x = 8242.42.
ANSWER:D