A man took out a loan from a bank at a basic interest rate of 12% per year. He had to pay Rs. 5400 in interest alone for the period after 3 years. He took out a loan for the following amount:
A. Rs. 2000
B. Rs. 10,000
C. Rs. 15,000
D. Rs. 20,000
Answer:C
A man took out a loan from a bank at a basic interest rate of 12% per year. He had to pay Rs. 5400 in interest alone for the period after 3 years. He took out a loan for the following amount:
A. Rs. 2000 B. Rs. 10,000 C. Rs. 15,000 D. Rs. 20,000
Explanation: 100 × 5400/12 X 3 = Rs. 15000 as a principal.