A man took loan from a bank at the rate of 12% p.a. simple interest. After 3 years he had to pay Rs. 2520 interest only for the period. The principal amount borrowed by him was:	Pick one:  A) s. 2,000  B) s. 1,000  C) s. 5,000  D) s. 8,000  E) s. 7,000
Principal = Rs. (100 x 2520)/(12X3) = Rs. 7000. Answer: Option s. 7,000
<result>E</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. 2520 interest only for the period. The principal amount borrowed by him was: