Bissoy.com
Doctors Medicines MCQs Q&A

Due to lockdown a person borrowed some money at the rate of 5% p.a. for first 3 years, at the rate of 8% p.a. for the next 2 years and 3% p.a. for next 3 years. If he pays a total interest of 6400 at the end of 8 years, then how much money was borrowed by him?

Due to lockdown a person borrowed some money at the rate of 5% p.a. for first 3 years, at the rate of 8% p.a. for the next 2 years and 3% p.a. for next 3 years. If he pays a total interest of 6400 at the end of 8 years, then how much money was borrowed by him? Correct Answer Rs. 16000

Given:

Interest rate for first 3 years = 5%

Interest rate for next 2 years = 8%

Interest rate for last 3 years = 3%

Simple interest = 6400

Formula:

SI = PRT/100

Calculation:

Let borrowed money be Rs. X

6400 = (x × 3 × 5)/100 + (x × 2 × 8)/100 + (x × 3 × 3)/100

⇒ 6400 = 15x/100 + 16x/100 + 9x/100

⇒ 6400 = 40x/100

⇒ x = 6400 × (100/40)

⇒ x = 16000

∴ The borrowed money was Rs. 16000.

Related Questions

The following questions have three statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. A person borrowed some money at compound interest for 2 years. What will be the amount required to return after 2 years? I. If the amount was borrowed at simple interest, then after 4 years Rs. 1000 was required to pay as simple interest. II. The sum of money borrowed is 12 times the amount required to be paid as simple interest after 2 years. III. The rate of interest is 8% per annum.
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?
Given below are three quantities named 1, 2 and 3. Based on the given information, you have to determine the relationship between the three quantities. You should use the given data and knowledge of Mathematics to choose between the possible answer. Quantity 1: An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%, the effective rate of interest becomes. Quantity 2: A sum of Rs. 725 is lent at the beginning of a year at a certain rate of interest. After 8 months, a sum of Rs. 362.50 more is lent but at the rate twice the former. At the end of the year, Rs. 33.50 is earned as interest from both the loans. What was the original rate of interest? Quantity 3: The difference between the compound interest and the simple interest on an amount of 15000 for 2 years is Rs. 96. What is the rate of interest per annum?
Harvey borrowed some money at the rate of 3% p.a for the first 4 years, at the rate of 4% p.a for the next 3 years and at the rate of 9% p.a for the period beyond 7 years. If he pays a total simple interest of Rs. 21000 at the end of 9 years, how much money did he borrow?
Priya and khushi invested Rs.3000 together. Priya invested her amount at compound interest for ‘x/10’ years at x% rate interest and khushi invested half of her amount at compound interest and remaining half at simple interest at the same rate of interest for the same time period. [It is given that ‘x/10’ is a natural number] What is the value of ‘x’? Statement I: Ratio of investment of priya and khushi is 1 : 2 respectively and total sum received by them together after a particular time at x% rate of interest is Rs. 4280. Statement II: Simple interest received by khushi is Rs. 40 less than compound interest received by her. Statement III: Sum of simple interest and compound interest received by khushi after a certain time at x% rate of interest is Rs. 2500 Which of the above statement is redundant to find the answer of the given 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 Rs. 8160, the money borrowed by him (in Rupees) was?
The question below is followed by statements I, II, and III. You have to determine whether the data given in the statement is sufficient for answering the question. You should use the data and your knowledge of Mathematics to choose the best possible answer. The difference between the compound interest and simple interest on a certain sum at a certain rate of interest per annum for two years is 204.20. What is the amount received on the sum of compound interest at the same rate of interest at the end of three years. I. The difference between the compound interest and the simple interest on the sum for three years is 804.258. II. The sum becomes Rs. 14528 at the end of one year. III. The compound interest on the sum for two years is 7% more than the simple interest on the sum for two years.
Sumit borrowed certain sum on simple interest at 6 percent per annum for the first 1st year, at 7 percent for the next 2 years, at 8 percent for the next 3 years and at 10 percent for the period beyond 6 years. If he pays Rs. 3200 as total interest at the end of 8 years, then what was the sum (in Rs.) that he borrowed?
Arun borrowed a sum of money from Jayant at the rate of 8% per annum simple interest for the first four years, 10% per annum for the next 6 years and 12% per annum for the period beyond 10 years. If he pays a total of Rs. 12160 as interest only at the end of 15 years, how much money did he borrow?
Suniyo donated Rs. 2000 each to both Nobita and Giyan. If Giyan invested the money at 10% rate of interest at simple interest and Nobita gives the money to Doremon who put this money into a gadget that gives 11% rate of interest compounded annually then find after 2 years Nobita will get how much more interest than Giyan and also if they return the money to Suniyo then how much money Suniyo will get at the end of 2 years?