Question : Rohan borrowed a certain sum of money at simple interest. The rate of interest was 3% per annum for the first 3 years, 4% per annum for the next 5 years and 6% per annum for the next 7 years. If he paid Rs. 2,059 as interest, then what is the sum borrowed (in Rs.)?
Option 1: 2400
Option 2: 2500
Option 3: 2900
Option 4: 3100
Correct Answer: 2900
Solution :
Let the sum borrowed be
We know, Simple interest =
So for the first 3 years at a 3% rate per annum, the interest of
For the next 5 years at a 4% rate per annum, the interest of
and for the next 7 years at a 6% rate per annum, the interest of
So,
⇒
⇒
Hence, the correct answer is 2900.
SSC CGL Complete Guide
Candidates can download this ebook to know all about SSC CGL.
