Unilorin Post-UTME Mathematics 2014 (Model questions) Question 35

An investor invested ₦x in bank M at the rate of 6% simple interest per annum and ₦y in bank N at the rate of 8% simple interest per annum. If a total of ₦8,000,000.00 was invested in the two banks and the investor received a total of ₦2,320,000.00 as interest from the two banks after 4 years, calculate: Interest paid by the second bank

1. A.₦1,880,000
2. B.₦20,000,000
3. C.₦1,600,000
4. D.₦1,500,000