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JAMB Mathematics 2008 Question 5

Question 5

Commercial Arithmetic

Calculate the simple interest on N7 500 for 8 years at 5% per annum

  1. A.N3 000
  2. B.N600
  3. C.N300
  4. D.N150
Show the answer and explanation

Answer: A (N3 000)

Explanation

I = PRT/100 = 7500 × 5 × 8/100 = N3 000.