Practicing Success

Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

A man borrowed some money at the rate of 6% per annum for the first two years, at the rate of 9% per annum for the next three years and at the rate of 14% per annum for the period beyond of next five years. If he pays a total interest of Rs.11400 at the end of 9 years how much money did he borrow?

Options:

Rs.16000

Rs.14000

Rs.18000

Rs.12000

Correct Answer:

Rs.12000

Explanation:

Total rate = (6% x 2) + (9% x 3) + (14% x 4) = 95%

Principal = \(\frac{11400}{95}\) x 100

                      = ₨. 12000