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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. 10,000
Rs. 15,000
Rs. 20,000

Correct Answer: Rs. 15,000

Explanation:

Principal = Rs.	❨	100 x 5400	❩	= Rs. 15000.
		12 x 3

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