Natesh borrowed some money at rate 6% p.a. for the first 3 years, 9% p.a. for the next five years and 13% p.a. beyond 8 years.The above are all simple interest rates.If Natesh pays a total of Rs.8,160 as an interest after 11 years,how much money did he borrow?
A. Rs.8,000
B. Rs.10,000
C. Rs.12,000
D. Rs.14,000
Solution(By Examveda Team)
Let he borrowed principal P.
Interest for first 3 years = PTR /100 = P * 3*6/100 = 18P/100.
Interest for next 5 years = P*5*9/100 = 45P/100
Intrest for next 3 years = P*3*13/100 = 39P/100
Total Interest = 8160
(18P/100) + (45P/100) + (39P/100) = 8160
18P +45P + 39P = 816000
P = Rs. 8000.
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A. Granting Loans
B. Collecting Cheques/Drafts customers
C. Facilitating import of goods
D. Issuing Bank Drafts
A. Regulatory jurisdictional fight between SEBI and IRDA
B. They don’t offer better tax benefits
C. They offer lesser returns compared to traditional insurance policies
D. All of the above
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A. Scientist
B. Reporter
C. Player
D. Teacher
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