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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:

Rs.2000
Rs.10000
Rs.15000
Rs.20000

Correct Answer: Rs.15000

Explanation:

Principal = $R s \frac{100 \times 5400}{12 \times 3} = R s . 15000$

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