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JAMB Mathematics 2001 Question 1

Question 1

Commercial Arithmetic

Find the principal which amounts to N5,500 at simple interest in 5 years at 2% per annum

  1. A.N5,000
  2. B.N4,900
  3. C.N4,800
  4. D.N4,700
Show the answer and explanation

Answer: A (N5,000)

Explanation

In 5 years at 2% the interest is 10% of the principal, so the amount is 1.1P. Then 1.1P = 5500, giving P = N5,000.