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Ashok borrowed some money at simple interest at the rate of 10% per annum for the first 3 years and at the rate of 12% per annum for the next 5 years. If he pays a total interest of Rs. 13500 at the end of 8 years then how much money did he borrow?

Ashok borrowed some money at simple interest at the rate of 10% per annum for the first 3 years and at the rate of 12% per annum for the next 5 years. If he pays a total interest of Rs. 13500 at the end of 8 years then how much money did he borrow? Correct Answer Rs. 15000

GIVEN:

Rate of interest: 10% per annum for the first 3 years and 12% per annum for the next 5 years.

SI = Rs. 13500

CONCEPT:

Basic concept of Simple interest.

FORMULA USED:

SI = PRT/100

Where,

P = Principal, R = rate of interest and T = Time

CALCULATION:

Cumulative rate of interest for 8 years = (3 × 10 + 5 × 12) = 90%

So,

13500 = (P × 90)/100

⇒ P = (13500/90) × 100 = 15000

∴ Ashok borrowed Rs. 15000

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