A man took a loan from a bank at the rate of 12% per annum at simple interest. After 3 years he had to pay Rs. 5400 as interest only for the period. The principle amount borrowed by him was:
A man took a loan from a bank at the rate of 12% per annum at simple interest. After 3 years he had to pay Rs. 5400 as interest only for the period. The principle amount borrowed by him was:
[A]2000
[B]10000
[C]15000
[D]20000
15000
Let the principal be x.
$latex S.I.= \frac{Principal\times Rate\times Time }{100}&s=1$
$latex =>5400=\frac{x\times 12\times 13}{100}&s=1$
$latex =>x=\frac{5400\times 100}{12\times 3}&s=1$
$latex =>x=Rs. 15000$
Hence option [C] is the right answer.