Smith borrowed some money at the rate of 10% p.a. for the first 2years, at the rate of 12% p.a. for the next three years, and at the rate of 16% p.a. for the period beyond five years. If he pays a total interest of $ 600 at the end of 9years, how much money did he borrow?
Choices
A) $1000 B) $750 C) $400 D) $500 E) $560
Let the sum borrowed be x   (x*2*10/100)+(x*12*3/100)+(x*16*4/100) = 600   (20x/100)+(36x/100)+(64x/100) = 600   120x/100 = 600   x = 500   Answer is $500
<result>D</result>
Smith borrowed some money at the rate of 10% p.a. for the first 2years, at the rate of 12% p.a. for the next three years, and at the rate of 16% p.a. for the period beyond five years. If he pays a total interest of $ 600 at the end of 9years, how much money did he borrow?