MATHEMATICS

JAMB 2001 - Question 1

Mathematics 2001 JAMB Past Questions - Question 1: Find the principal which amounts to N5,500 at simple interest in 5 years at 2% per annum .

Find the principal which amounts to N5,500 at simple interest in 5 years at 2% per annum .
A:
B:
C:
D:
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Correct Answer

A

Explanation

To find the principal amount, we can use the formula for simple interest:Simple Interest = (Principal * Rate * Time) / 100Given:Simple Interest = N5,500Time = 5 yearsRate = 2% per annumLet's substitute the values into the formula and solve for the principal:N5,500 = (Principal * 2 * 5) / 100To isolate the principal, we can rearrange the equation:Principal = (N5,500 * 100) / (2 * 5)Principal = N5,500 * 100 / 10Principal = N55,000 / 10Principal = N5,500Therefore, the principal amount is N5,500.