Interest Mcqs

Q.  A man took a 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 :

a. Rs. 2000
b. Rs. 10,000
c. Rs. 15,000
d. Rs. 20,000


ANSWER: See Answer
 
principal = Rs. ( 100 X 5400/12 X 3 ) = Rs. 15000
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