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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?

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? Correct Answer Rs. 50000

Let principal = x

For the rate of 9%, the time period = 9 - (4 + 3) = 2 years

Total simple interest earned = Rs. 21000

We know, Simple interest = (P × R × T)/100

⇒ 21000 = (x × 3 × 4)/100 + (x × 4 × 3)/100 + (x × 9 × 2)/100

⇒ 21000 = 42x/100

⇒ x = Rs. 50000

∴ The amount invested was Rs. 50,000

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