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WAEC Mathematics 2000 Question 50

Question 50

Commercial Arithmetic

If the simple interest on N2,000 after 9 months is N60, at what rate per annum is the interest charged?

  1. A.2¼%
  2. B.4%
  3. C.5%
  4. D.6%.
Show the answer and explanation

Answer: B (4%)

Explanation

I = PRT/100 with T = 9/12 year: 60 = 2000 × R × 0.75/100, so R = 4%.