Question 26
Commercial ArithmeticA man invested ₦5,000 for 9 months at 4%. What is the simple interest?
- A.₦150
- B.₦220
- C.₦130
- D.₦250
Show the answer and explanation
Answer: A (₦150)
Explanation
Simple interest = PRT/100 = 5000 × 4 × (9/12) ÷ 100 = ₦150.