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UI Post-UTME Mathematics 2018 (Model questions) Question 15

Question 15

Commercial Arithmetic

Calculate the amount if simple interest is paid yearly at 12% per annum for 3years on a principal of ₦150,000

  1. A.₦204,000
  2. B.₦204,500
  3. C.₦200,000
  4. D.₦50,000
Show the answer and explanation

Answer: A (₦204,000)

Explanation

I = 150,000 × 12 × 3/100 = ₦54,000, so the amount is ₦204,000.