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A bank provided a loan of 80,000/- to three friends in the ratio 4 ∶ 5 ∶ 7. They cleared the loan after an year with an interest of 8%, 12% and 15% to the bank. Find the sum of interest paid by them at the end of the year?
1. Rs. 9850
2. Rs. 8500
3. Rs. 9240
4. Rs. 9820

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Best answer
Correct Answer - Option 1 : Rs. 9850

Given:

Total loan provided by the bank = 80,000/-

Ratio of dividing money = 4 ∶ 5 ∶ 7

Interest paid by 1st friend = 8%

Interest paid by 2nd friend = 12%

Interest paid by 3rd friend = 15%

Concept:

Using ratio, calculate the amount borrowed by each, Then, calculate the interest paid by them.

Calculation:

Let the money borrowed by the 3 friends = 4x, 5x, 7x

Sum of the ratio = Rs. 80,000

⇒ 4x + 5x + 7x = 80,000

⇒ 16x = 80,000

⇒ x = 5000

∴ Amount borrowed by 1st friend = 4x = 4 × 5000 = Rs. 20,000

⇒ Amount borrowed by 2st friend = 5x = 5 × 5000 = Rs. 25,000

⇒ Amount borrowed by 3rd friend = 7x = 7 × 5000 = Rs. 35,000

∴ Interest paid by 1st friend = 8% of 20,000 = 1600/-

⇒ Interest paid by 2st friend = 12% of 25,000 = 3000/-

⇒ Interest paid by 3st friend = 15% of 35,000 = 5250/-

 

Sum of Interest paid by farmers = 1600 + 3000 + 5250

= Rs. 9850

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