19 Views

Question : Rohan borrowed a certain sum of money at simple interest. The rate of interest was 3% per annum for the first 3 years, 4% per annum for the next 5 years and 6% per annum for the next 7 years. If he paid Rs. 2,059 as interest, then what is the sum borrowed (in Rs.)?

Option 1: 2400

Option 2: 2500

Option 3: 2900

Option 4: 3100


Team Careers360 21st Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: 2900


Solution : Let the sum borrowed be $p$.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
So for the first 3 years at a 3% rate per annum, the interest of $p$ rupees is = $\frac{p×3×3}{100}$ = $\frac{9p}{100}$
For the next 5 years at a 4% rate per annum, the interest of $p$ rupees is = $\frac{p×4×5}{100}$ = $\frac{20p}{100}$
and for the next 7 years at a 6% rate per annum, the interest of $p$ rupees is = $\frac{p×6×7}{100}$ = $\frac{42p}{100}$
So, $(\frac{9p}{100} +\frac{20p}{100} +\frac{42p}{100}) = 2059$
⇒ $(9p+20p+42p) = 205900$
⇒ $71p = 205900$
$\therefore p=2900$
Hence, the correct answer is 2900.

SSC CGL Complete Guide

Candidates can download this ebook to know all about SSC CGL.

Download EBook

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