13 Views

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


Team Careers360 12th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

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.

How to crack SSC CHSL

Candidates can download this e-book to give a boost to thier preparation.

Download Now

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books