NIACL Model Paper 3 with solutions for free online practice

Question : 19 of 100

Marks: +1, -0

Ravi borrowed some money at the rate of 4% per annum for the first 3yr, at the rate of 8% per annum for the next 2 yr and at the rate of 9% per annum for the period beyond 5 yr. If he pays a total simple interest of ₹19550 at the end of 7 yr, how much money did he borrow?

₹ 39,500
₹ 42.500
₹41,500
₹43,500
None of these

Validate

Solution:

(b) Suppose Ravi borrows ₹100 for 7 yr.
The amount of Ravi has to pay as interest for the

₹100 = 4×3 + 8×2 + 9×2 = ₹46

From the above information it is obvious that Ravi has to pay (as interest) 46% of the total amount. Hence, the amount borrowed by Ravi

=19550/46×100=₹42500

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