Discussion
Nitin 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?
Answer: A
\[ \text{SI} = \frac{P \times R \times T}{100} \]
Beyond eight years leaves \( 11 - 8 = 3 \) years at 13%, so the three slabs are:
\[ P\left(\frac{6 \times 3 + 9 \times 5 + 13 \times 3}{100}\right) = 8160 \]
\[ P\left(\frac{18 + 45 + 39}{100}\right) = 1.02P = 8160 \]
\[ P = \text{Rs. } 8000 \]
The final slab covers only the last three years, not all eleven.
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