MATHEMATICS

JAMB 2008 - Question 5

Mathematics 2008 JAMB Past Questions - Question 5: Calculate the simple interest on N7 500 for 8 years at 5% per annum.

Calculate the simple interest on N7 500 for 8 years at 5% per annum.
A:
B:
C:
D:
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Correct Answer

A

Explanation

Calculate the simple interest on 7500 for 8years at 5% per annum.P x R x T<; 100S.I =;u>7500x5x8;p>S.I = 300000To calculate the simple interest, we can use the formula:Simple Interest = Principal * Rate * TimeWhere:Principal = N7,500Rate = 5% per annum (0.05)Time = 8 yearsPlugging in the values, we get:Simple Interest = 7,500 * 0.05 * 8              = 3,750Therefore, the simple interest on N7,500 for 8 years at 5% per annum is N3,750. &100To calculate the simple interest on N7,500 for 8 years at 5% per annum, you can use the formula:Simple Interest = (Principal × Rate × Time) / 100Where:Principal = N7,500Rate = 5%Time = 8 yearsPlugging in the values:Simple Interest = (7500 × 5 × 8) / 100              = (7500 × 40) / 100              = 300000 / 100              = 3000So, the simple interest on N7,500 for 8 years at 5% per annum is N3,000.