Simple Interest - Quantitative Aptitude (MCQ) questions for Q. 21102

Q.  Akhil borrowed a certain sum of money at the rate of 6%, 9% and 14% for a period of first two years, next three years and beyond the period of five years respectively. If at the end of nine years, he paid Rs. 8550 as interest, then find the sum of money he had borrowed.
- Published on 20 Apr 16

a. Rs. 9,000
b. Rs.14,000
c. Rs.15,000
d. Rs.18,000
e. None of these

ANSWER: Rs. 9,000
 
Let Rs.P be the money borrowed by Akhil.
I) R = 6%, T = 2 years
Simple Interest of 2 years = PRT/100
= P * 6 * 2/100 = 12P/100
II) R = 9%, T = 3 years
Simple Interest of 3 years = P * 9 * 3/100 = 27P/100
III) R = 14%, T = 4 years
Simple Interest of 3 years= P * 14 * 4/100 = 56P/100
Therefore, total Simple Interest of 9 years
= 12P/100 + 27P/100 + 56P/100
= 95P/100
The total interest paid after nine years = Rs.8550
95P/100 = 8550
Therefore, 95P = 855,000
P = 855,000/95 = Rs. 9,000
Amount of money borrowed by Akhil = Rs. 9,000

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