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:
- 15000
- 25000
- 35000
- 45000
- 55000
Explanation
Principal = Rs(100×540012×3)=Rs. 15000
The actual formula is (interest of 3 years*100)/(month in a year*total years).
5400*100 we will get 540000 12*3 we will get 36 540000/36=15000
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