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:; A.; Rs. 2000; B.; Rs. 10,000; C.; Rs. 15,000; D.; Rs. 20,000

Answer 1

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Answer 2

The correct option is C.

Step-by-step explanation:

Given information:

Rate of interest = 12%

Simple interest = Rs. 5400

Time = 3 years

Formula for simple interest:

$I=\dfrac{P\times r\times t}{100}$

where, P is principal, r is rate of interest, t is number of years.

Substitute r=12, t=3, I=5400 in the above formula.

$5400=\dfrac{P\times 12\times 3}{100}$

$5400=0.36P$

Divide both sides by 0.36.

$15000=P$

Therefore, the correct option is C.

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