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WAEC Mathematics 2004 Question 48

Question 48

Commercial Arithmetic

A Cooperative Society charges an interest of 5½% per annum on any amount borrowed by its members. If a member borrows N125,000, how much does he pay back after one year?

  1. A.N136,875
  2. B.N131,875
  3. C.N128,750
  4. D.N126,250
Show the answer and explanation

Answer: B (N131,875)

Explanation

Interest = 5.5% of 125,000 = N6,875, so he pays back 125,000 + 6,875 = N131,875.