passpadi

2015

Mathematics

JAMB

Find at which rate per annum simple interest N525 will amount to N588 in 3 years.

A.

3%

B.

2%

C.

5%

D.

4%

Correct Answer: 4%

Explanation

I = A − P = N588 − N525 ∴I = N63 I = PRT ÷ 100 R = [100I ÷PT] R = [(100 × 63 ) ÷ (525 × 3)] = (6300 ÷ 1575) = 4 ∴ The rate = 4 %

I = A − P = N588 − N525 ∴I = N63 I = PRT ÷ 100 R = [100I ÷PT] R = [(100 × 63 ) ÷ (525 × 3)] = (6300 ÷ 1575) = 4 ∴ The rate = 4 %
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