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JAMB Mathematics 2022 Question 28

Question 28

Commercial Arithmetic

If the interest of ₦150.00 for 2½ years is ₦4.50. Find the interest on ₦250.00 for 6 months at the same rate?

  1. A.₦7.50
  2. B.₦1.50
  3. C.₦15.00
  4. D.₦18.00
Show the answer and explanation

Answer: B (₦1.50)

Explanation

Rate = 100 × 4.50/(150 × 2.5) = 1.2% per year. Interest on ₦250 for ½ year = 250 × 1.2 × 0.5/100 = ₦1.50.