Raman paid Rs. 13,300 as simple interest after 9 years. He had borrowed some money at the rate of 6% for first two years, at 9% for next three years and at 14% for rest of the period. How much money (in Rs) did he borrow?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 14,000
Let Raman borrowed Rs P for 9 years
Rate of interest is 6% for first two years, 9% for next three years and 14% for rest 4 years.
SI = P × 6 × 2/100 + P × 9 × 3/100 + P × 14 × 4/100
13300 = P/100(12 + 27 + 56)
13300 = P/100(95)
P = 13300/95 × 100 = 14000