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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. (100 x 5400)/(12 $\times$ 3) = Rs. 15000.

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