2010
Mathematics
JAMB
At what rate will the interest on N400 increases to N24 in 3 years reckoning in simple interest?
A.
3%
B.
2%
C.
5%
D.
4%
Correct Answer: 2%
Explanation
Using simple interest = P × T × R/100, where: P denoted principal = N400 T denotes time = 3 years R denotes interest rate = ? 24 = 400×3×R/100 24 x 100 = 400 x 3 x R R = (24 × 100)/(400 × 3) = 2%
Using simple interest = P × T × R/100, where: P denoted principal = N400 T denotes time = 3 years R denotes interest rate = ? 24 = 400×3×R/100 24 x 100 = 400 x 3 x R R = (24 × 100)/(400 × 3) = 2%THIS WEEK's
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