A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 yea

Question

A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5400 interest only for the period. The principal amount borrowed by him was:

Options:

A . Rs. 2000

B . Rs. 10,000

C . Rs. 15,000

D . Rs. 20,000

Answer: Option C

Principal = Rs. \(\left(\frac{100\times5400}{12\times3}\right) = Rs.15000.\)

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