A car dealer borrows Rs. 20,000 from a bank for a period of 2 years at a simple interest rate of 8% per annum. If he repays the loan in full at the end of the 2-year period, how much will he have to pay?
1
Rs. 3,600
2
Rs. 23,600
3
Rs. 23,200
4
Rs. 3,200