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SSC CHSL 2024 PYQ — Question 74

SSC CHSL - 08 July 2024 - Shift 1 • Quantitative Aptitude • Q74

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A person borrowed some money at the rate of 8% per annum for the first two years, at the rate of 11% per annum for the next three years, and at the rate of 16% per annum for the period beyond five years. If he pays a total interest of ₹21,400 at the end of nine years, how much money did he borrow (round to the nearest unit) ?

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Correct answer: D

Explanation

The correct answer is option 4 i.e. ₹18,938.

Simple Interest = (P × R × T)/100

Where, P = Principal; R = Rate of interest per annum; T = Total time

The interest is calculated for the first 2 years at 8%: Interest, the next 3 years at 11%: Interest, and the remaining 4 years at 16%: Interest rate.

Let the borrowed money be ₹P.

So, P×8×2100+P×11×3100+P×16×4100=21400\frac{\text{P}\times 8\times 2}{100}+\frac{\text{P}\times 11\times 3}{100}+\frac{\text{P}\times 16\times 4}{100}=21400

⇒ 16P100+33P100+64P100=21400\frac{16P}{100}+\frac{33P}{100}+\frac{64P}{100}=21400

⇒ 113P/100 = 21400

⇒ P = 18938.053... = 18938 (approx)

Therefore, the person borrowed ₹18,938.