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:
papay dey Answered question 7 days ago
Simple Interest Calculation
Simple interest formula:
Interest = (P × R × Time) / 100
Given values:
Interest = Rs. 5400
R = 12% per annum
Time = 3 years
Rearrange the formula to solve for P:
P = (Interest × 100) / (R × Time)
= (5400 × 100) / (12 × 3)
= 540000 / 36
= 15000
The principal amount borrowed by him was Rs. 15,000.
papay dey Answered question 7 days ago
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