Nitin 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.8,160, the money borrowed by him ( in Rs.) was
1). 12,000
2). 6,000
3). 8,000
4). 10,000
Here is the right answer
If the sum of money be
x, then
18x + 45x + 39x = 816000
102x = 816000
x = 8000
7. Find the simple interest 0n Rs.3000/- at 5 1/3% p.a. for 2 ½ years?