Question : Ravi borrowed some money at the rate of $5 \%$ per annum for the first three years, $8 \%$ per annum for the next two years and $10 \%$ per annum for the period beyond 2 years. If he paid a total Simple Interest of Rs. $ 12,750$ at the end of 7 years, then how much money did he borrow?
Option 1: Rs. 25,000
Option 2: Rs. 26,000
Option 3: Rs. 27,000
Option 4: Rs. 24,000
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Correct Answer: Rs. 25,000
Solution :
Ravi borrowed money for the first three years = $5 \%$ per annum
For next two years = $8 \%$ per annum
Period beyond 5 years = $10 \%$ per annum
Total years = 7
Let the money he borrow be Rs. $x$.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
So, $\frac{x\times{5}\times{3}}{100}+ \frac{x\times{8}\times{2}}{100}+ \frac{x\times{10}\times{2}}{100} = 12,750$
⇒ $15x+16x+20x = 1275000$
$\therefore x = {\text{Rs. 25000}}$
Hence, the correct answer is Rs. 25,000.
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