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Unilorin Post-UTME Mathematics 2014 (Model questions) Question 26

Question 26

Commercial Arithmetic

A car costing ₦ 10; 500 was incurred at 5% simple interest per annum. Find the interest the car would have yielded in 8 years

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

Answer: B (₦4,200)

Explanation

I = PRT/100 = 10,500 × 5 × 8/100 = ₦4,200.