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
Explanation:
Principal = Rs.$ \left(\dfrac{100 \times 5400}{12 \times 3} \right) $= Rs. 15000.