Nitin borrowed some money at the rate of 6% p.a. for the

Home » Aptitude » Simple interest » Question

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 8,160, the money borrowed by him (in ) was

1. 12,000
2. 6,000
3. 8,000
4. 10,000

Correct Option: C

If the sum of money be p, then
From the question ,

⇒	p × 6 × 3	+	p × 5 × 9	+	p × 3 × 13	= 8160
	100		100		100

⇒ 18p + 45p + 39p = 816000
⇒ 102p = 816000
⇒ p = 816000 ÷ 102 = ₹ 8000