A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5760 interest only for the period. The principal amount borrowed by him was:
Choose the correct choice from the following answers:
A) s. 2000 B) s. 16,000 C) s. 15,000 D) s. 18,000 E) s. 20,000
Principal = Rs. (100 x 5760)/(12X3) = Rs. 16000. Answer: Option s. 16,000
<result>B</result>
A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 5760 interest only for the period. The principal amount borrowed by him was: