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?
Answer & explanation
Correct answer: option 4
Total rate = (6% x 2) + (9% x 3) + (14% x 4) = 95%
Principal = \(\frac{11400}{95}\) x 100
= ₨. 12000