A man paid Rs 54,000 as interest on a loan in 3 years. What was the loan amount?
- Rs 100000
- Rs 120000
- Rs 150000
- None of these
Explanation
Let's assume the interest rate is 12% p.a. (common in Pakistan):
Interest = Principal × Rate × Time
54,000 = P × 0.12 × 3
P = 54,000 / (0.12 × 3)
= 54,000 / 0.36
= 150,000
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