Question

Nitin borrowed some money at the rate of 6% Per year for the first three years,9% for next five years and 13% for the period beyond eight years. If the total interest paid by him at the end of eleven years is 8160 the money borrowed by him was​

Answer 1

calculating on simple interest basis:

if the principle is p interest after first 3 years=p×0.06×3=.18p

for next 5years interest paid was p×5×0.09=0.45p

for the last 3 years interest paid was p×3×0.13=0.39p

total interest paid was:

0.18p+0.45p+0.39p=1.02p

1.02p=8160

p=8160/1.02=8000