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Raman borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?
- a)Rs. 8000
- b)Rs. 10,000
- c)Rs. 12,000
- d)Data inadequate
- e)None of these
Correct answer is option 'A'. Can you explain this answer?
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Raman borrowed some money at the rate of 6% p.a. for the first three y...
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Raman borrowed some money at the rate of 6% p.a. for the first three y...
Given data:
Raman borrowed money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years, and 13% p.a. for the period beyond eight years. The total interest paid by him at the end of eleven years is Rs. 8160.
Approach:
To find the amount borrowed by Raman, we need to calculate the interest for each period separately and then sum them up to get the total interest paid.
Calculation:
Let the principal amount borrowed by Raman be P.
Interest for the first 3 years at 6% p.a. = 3 * 6% * P = 0.18P
Interest for the next 5 years at 9% p.a. = 5 * 9% * P = 0.45P
Interest for the remaining 3 years at 13% p.a. = 3 * 13% * P = 0.39P
Total interest paid = 0.18P + 0.45P + 0.39P = 1.02P
Given that the total interest paid is Rs. 8160:
1.02P = 8160
P = 8160 / 1.02
P = Rs. 8000
Therefore, Raman borrowed Rs. 8000.
Thus, option (a) Rs. 8000 is the correct answer.
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Raman borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?a)Rs. 8000b)Rs. 10,000c)Rs. 12,000d)Data inadequatee)None of theseCorrect answer is option 'A'. Can you explain this answer?
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Raman borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?a)Rs. 8000b)Rs. 10,000c)Rs. 12,000d)Data inadequatee)None of theseCorrect answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about Raman borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?a)Rs. 8000b)Rs. 10,000c)Rs. 12,000d)Data inadequatee)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raman borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is Rs. 8160, how much money did he borrow?a)Rs. 8000b)Rs. 10,000c)Rs. 12,000d)Data inadequatee)None of theseCorrect answer is option 'A'. Can you explain this answer?.
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