Question : A man borrowed a certain sum of money at the rate of 10% per annum simple interest for the first three years and 15% per annum simple interest for the period beyond three years. If he pays a total interest of INR 2,884.50 at the end of 7 years, then the sum of money (in INR) that he borrowed is:
Option 1: 3,860
Option 2: 3,090
Option 3: 4,550
Option 4: 3,205
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
Correct Answer: 3,205
Solution :
Let the principal be Rs. $x$
Rate = 10% per annum
Time = 3 years
Simple interest $=\frac{\text{Principal × Rate × Time}}{100}=\frac{ x \times 10 \times 3}{100}=\frac{3x}{10}$
After 3 years,
Principal = Rs. $x$
Rate = 15% per annum
Time = 4 years
Simple interest = $\frac{ x \times 15 \times 4}{100}=\frac{6x}{10}$
Total simple interest = $\frac{3x}{10}+\frac{6x}{10}=\frac{9x}{10}$
According to the question,
$\frac{9x}{10} = 2884.50$
$\therefore x = 3205$
Hence, the correct answer is INR 3,205.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Get Updates Brochure
Your Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.
Upcoming Exams
Trending Articles around SSC CHSL
