Question 5
Commercial ArithmeticAt what rate will the interest on N400 increase to N24 in 3 years reckoning in simple interest?
- A.4%
- B.2%
- C.3%
- D.5%
Show the answer and explanation
Answer: B (2%)
Explanation
R = 100I/(PT) = 100 × 24/(400 × 3) = 2%.
At what rate will the interest on N400 increase to N24 in 3 years reckoning in simple interest?
Answer: B (2%)
R = 100I/(PT) = 100 × 24/(400 × 3) = 2%.