Gill borrowed a sum of money from Jack at the rate of 8% per annum simple interest for 4 years, 10% per annum for next 6 years and 12% per annum for the period beyond 10 years. The total interest paid by Gill is ₹12160 at the end of 15 years. The sum borrowed by him is what ?
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Step-by-step explanation:
Let the money borrowed by gill be Rs. x
Then according to the question, we have
⇒
100
x×8×4
+
100
x×10×6
+
100
x×12×5
=12160
⇒
100
32x
+
100
60x
+
100
60x
=12160
⇒152x=1216000
⇒x= Rs. 8000
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