d Question 24 | Job Exam Rare Mathematics (JEMrare) - Solved MCQs
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Question 24

Question 24: A man took loan from a bank at 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 ;

a. 5000                      b. 15000                                    c. 12000

Federal Public Service Commission, Assistant Director  IB Posts 2nd batch 2017

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Solution:

Suppose the Principal amount was P

Rate of interest=R=12 % pa

Term =T= 3 years

Interest at the end of Term = I = 5400

Using formula;

I =\frac{P\times R\times T}{100}

Putting values;

5400 =\frac{P\times 12\times 3}{100}

\Rightarrow P =\frac{5400\times 100}{36}

\Rightarrow P =15000

So, the principal amount was 15000

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