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JAMB Mathematics 2005 Question 5

Question 5

Commercial Arithmetic

If the interest on N150.00 for 2½ years is N4.50, find the interest on N250.00 for 6 months at the same rate.

  1. A.N1.50
  2. B.N7.50
  3. C.N15.00
  4. D.N18.00
Show the answer and explanation

Answer: A (N1.50)

Explanation

Rate = 100 × 4.50/(150 × 2.5) = 1.2% a year. Interest = 250 × 1.2 × ½/100 = N1.50.