Nitin borrowed some money at the rate of 6 % | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(C) Let the principal amount borrowed be $₹ x$.The total interest is calculated based on the simple interest formula: $SI = \frac{P 	imes R 	imes T}

Vedclass · Accepted Answer

$8000$

Vedclass · Answer

(C) Let the principal amount borrowed be $₹ x$.The total interest is calculated based on the simple interest formula: $SI = \frac{P 	imes R 	imes T}{100}$.For the first $3$ years at $6 \% 	ext{ p.a.}$,interest $= \frac{x 	imes 6 	imes 3}{100} = \frac{18x}{100}$.For the next $5$ years at $9 \% 	ext{ p.a.}$,interest $= \frac{x 	imes 9 	imes 5}{100} = \frac{45x}{100}$.For the remaining period of $11 - (3 + 5) = 3$ years at $13 \% 	ext{ p.a.}$,interest $= \frac{x 	imes 13 	imes 3}{100} = \frac{39x}{100}$.The total interest is given as $₹ 8,160$.Therefore,$\frac{18x + 45x + 39x}{100} = 8160$.$\frac{102x}{100} = 8160$.$102x = 816000$.$x = \frac{816000}{102} = 8000$.Thus,the money borrowed by Nitin was ₹ $8,000$.

Nitin borrowed some money at the rate of $6 \% \text{ p.a.}$ for the first three years,$9 \% \text{ p.a.}$ for the next five years,and $13 \% \text{ p.a.}$ for the period beyond eight years. If the total interest paid by him at the end of eleven years is ₹ $8,160$,the money borrowed by him was:

Similar Questions

$A$ person invests $Rs. 2,00,000$ at $12 \%$ $p.a.$ for $1$ $year$. If he invests $Rs. 500$ more,he is eligible for $13 \%$ $p.a.$ interest. How much more interest (in $Rs.$) would he receive if he accepted the second option?

$A$ sum of ₹ $26000$ was lent out in two parts in such a way that the interest on one part at $10 \%$ for $5$ $years$ is equal to that on the other part at $9 \%$ for $6$ $years.$ The sum lent out at $10 \%$ is (In ₹)

The simple interest on a sum is $\frac{1}{16}$ of the principal and the number of years is equal to the rate per cent per annum. The rate per cent per annum is (in $.5$)

$Rs. 600$ becomes $Rs. 720$ in $4$ $years$ at simple interest. If the rate of interest is increased by $2 \%$,what will be the total amount (in $Rs.$)?

At what percent of simple interest will a sum of money double itself in $15$ years?

Vedclass Test Series

Exam Paper Generator

Online Exam Module