Pratap borrowed some money from Arun at simple interest.

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Pratap borrowed some money from Arun at simple interest. The rate of interest for the first 3 years was 12% for the next 5 years was 16% and beyond this it was 20%. If the simple interest for 11 years was more than the money borrowed by Rs. 6080. What was the money borrowed ?

1. Rs. 7550
2. Rs. 8500
3. Rs. 8000
4. Rs. 9000

Correct Option: C

Let the sum be P.
SI = SI for first 3 years + SI for next 5 years + SI for next 3 years
⇒ P + 6080 = (P x 12 x 3) / 100 + (P x 16 x 5) / 100 + (P x 20 x 3) / 100
⇒ P + 6080 = (36P + 80P + 60P) / 100
⇒ 100 x (P + 6080) = 176P
∴ P = 608000 / 76 = 8000