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JAMB Mathematics 1991 Question 6

Question 6

Commercial Arithmetic

Musa borrows N10.00 at 2% per month simple interest and repays N8.00 after four months. How much does he still owes?

  1. A.N10.80
  2. B.N10.67
  3. C.N2.80
  4. D.N2.67
Show the answer and explanation

Answer: C (N2.80)

Explanation

Interest = 10 × 2/100 × 4 = N0.80, so he owes N10.80 in all. After repaying N8.00 he still owes N2.80.