Multiple choice

Ram borrowed some money at the rate of 6% 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. 81600, how much money did he borrow?

  1. Rs. 80000

  2. Rs. 100000

  3. Rs. 120000

  4. Data inadequate
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Interest = P * R * T / 100. Interest = P * (6*3 + 9*5 + 13*3) / 100 = P * (18 + 45 + 39) / 100 = P * 102 / 100. 81600 = 1.02P, so P = 81600 / 1.02 = 80000.

AI explanation

Let the principal sum borrowed be P. Using the simple interest formula for different rates over different periods, the total interest equation is 81600 = (P times 6 times 3)/100 + (P times 9 times 5)/100 + (P times 13 times 3)/100. Factoring out P/100 gives 81600 = P/100 times (18 + 45 + 39), which simplifies to 81600 = 1.02P. Dividing 81600 by 1.02 gives the borrowed sum of Rs. 80000.

Keep practicing — related questions