Question
A person borrowed Rs. 9,300 at 11% p.a. and Rs. 6,700 at 13% p.a. simple interest. If the total interest paid after ‘n’ years is Rs. 5,486, find the value of ‘n’.
Solution
ATQ,
9300 × (11/100) × n + 6700 × (13/100) × n = 5486
Or, 1023n + 871n = 5486
So, n = (5486/1894) = 2.9 years
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