A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.

A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amo

1.	A man purchased a cycle for Rs.3000/- and agreed to pay 12% on the amount as interest. He repaid principal and interest in 12 equal monthly installments. Find the amount of each installment.
A.	Rs. 260
B.	Rs. 240
C.	Rs. 280
D.	Rs. 300
Answer» D. Rs. 300