Multiple choice

The yearly interest rate on any amount for the first two years is 4%, for next 3 years is 6% and for further 3 years is 8%. If the simple interest for 8 years is Rs. 1280, then find the principal amount.

  1. Rs. 1680

  2. Rs. 1840

  3. Rs. 2340

  4. Rs. 2560

  5. Rs. 2600
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Interest = P * (R1*T1 + R2*T2 + R3*T3) / 100. 1280 = P * (4*2 + 6*3 + 8*3) / 100 = P * (8 + 18 + 24) / 100 = P * 50 / 100 = P/2. P = 2560.

AI explanation

Using the simple interest formula for different rates over varying periods, the total interest is (Principal * Sum of Rates) / 100. The sum of the rates for 8 years is (4 plus 4 plus 6 plus 6 plus 6 plus 8 plus 8 plus 8), which equals 50. The equation becomes (Principal * 50) / 100 = 1280, so the Principal is (1280 * 100) / 50, which equals Rs. 2560.

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