WAEC Mathematics 2012 Question 7

Question 7

Commercial Arithmetic

If ₦2,500.00 amounted to ₦3,500.00 in 4 years at simple interest, find the rate at which the interest was charged.

  1. A.5%
  2. B.7½%
  3. C.8%
  4. D.10%
Show the answer and explanation

Answer: D (10%)

Explanation

Interest = ₦1,000. R = (100 × 1000)/(2500 × 4) = 10%.