Practicing Success
A man borrowed Rs.18800 at the rate of 6% per annum for the first three years, at the rate of 7% per annum for the next four years and at the rate of 7.5% per annum for the period beyond of next seven years. If he borrowed that money for 11 years then find the total simple interest earned by him. |
Rs.14000 Rs.14288 Rs.15500 Rs.16880 |
Rs.14288 |
Total rate = (6% x 3) + (7% x 4) + (7.5% x 4) = 76% Simple Interest = \(\frac{18800\;×\;76}{100}\) = ₨.14288 |