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WAEC Mathematics 2006 Question 24

Question 24

Commercial Arithmetic

If the simple interest on a sum of money invested at 3% per annum for 2½ years is ₦123, find the principal.

  1. A.₦676.50
  2. B.₦820
  3. C.₦1,640
  4. D.₦4,920
Show the answer and explanation

Answer: C (₦1,640)

Explanation

P = (100 × I)/(R × T) = (100 × 123)/(3 × 2.5) = 12300/7.5 = ₦1,640.