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UI Post-UTME Mathematics 2018 (Model questions) Question 25

Question 25

Commercial Arithmetic

Find the amount if simple interest is paid on ₦150,000 at 12% per annum for 3 years.

  1. A.₦204,000
  2. B.₦205,000
  3. C.₦240,000
  4. D.₦245,000
Show the answer and explanation

Answer: A (₦204,000)

Explanation

Interest = 150,000 × 0.12 × 3 = ₦54,000; amount = ₦204,000.