A person took a loan at 5% per annum simple interest during the first year and with an increase of 0.5% simple interest every year from the second year onwards. After 4 years, he paid ₹4,600 as a total interest to settle the loan completely. How much was the loan?

A

₹20,000

B

₹19,000

C

₹18,000

D

₹21,000