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Doctors Medicines MCQs Q&A

  1. 10 years
  2. 9 years
  3. 11 years
  4. 8 years
  5. 7 years
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1 Answers

Option 4 : 8 years

Let the person repaid the loan after x years

Cumulative Rate of simple interest for x years (R) = (2 × 6 + 4 × 8 + (x – 6) × 10) = (10x – 16)%

⇒ Simple interest for x years on 20L = (2000000 × R) /100 = 20000R = 20000 × (10x – 16)

Since total amount of money paid by him to the bank at the end of x years = Rs. 3280000

⇒ Interest = 320000 - 2000000 = Rs. 1280000

⇒ 20000 × (10x – 16) = 1280000

⇒ (10x – 16) = 64

⇒ 10x = 80

⇒ x = 8

∴ The person repaid the loan after 8 years.
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