A person borrowed 9,000 at 7\%, 12,000 at 8\% and 15,000 at 9\% simple interest per annum. He had to pay 50,700 at the end of n years. What is the value of n?

Explanation

Total Principal = 9000+12000+15000 = 36000. Total interest paid = 50700 - 36000 = 14700. Yearly interest = (9000 \times 0.07) + (12000 \times 0.08) + (15000 \times 0.09) = 630 + 960 + 1350 = 2940. The time n = \frac{14700}{2940} = 5 years.

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