Question 26
Commercial ArithmeticA car costing ₦ 10; 500 was incurred at 5% simple interest per annum. Find the interest the car would have yielded in 8 years
- A.₦4,000
- B.₦4,200
- C.₦3,000
- D.₦4,500
Show the answer and explanation
Answer: B (₦4,200)
I = PRT/100 = 10,500 × 5 × 8/100 = ₦4,200.