Exams › SSC CGL (Prelims) › General
Karan borrowed money at simple interest: 6% for the first 4 years, 8% for the next 3 years, and 10% beyond 7 years. If the total interest after 9 years is ₹4,760, how much did he borrow?
- ₹ 6,000
- ₹ 7,000
- ₹ 8,000
- ₹ 9,000
Correct answer: ₹ 7,000
Solution
For principal P, interest for 4 years at 6% = 0.24P, for next 3 years at 8% = 0.24P, and for last 2 years at 10% = 0.20P. Total interest = 0.68P. Given total interest ₹4760, P = 4760/0.68 = ₹7000.
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