In the following questions, each question has four options (A), (B), (C) and (D). Choose the correct option and indicate your correct response.
A farmer borrowed Rs. 20000 for 2 years at the rate of 12% per annum from a bank. How much will he have to pay after two years?

Options

A. Rs. 28400
B. Rs. 24000
C. Rs. 24800
D. None of these

Answer

C