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JAMB 2017 · UTME · Q26

A man invested ₦5,000 for 9 months at 4%4\%. What is the simple interest?

Worked solution (try it first)
  1. Write the time in years: 9 months is 912=34\frac{9}{12} = \frac34 year.
  2. Use I=PRT100I = \dfrac{PRT}{100}: I=5000×4100×34I = 5000 \times \dfrac{4}{100} \times \dfrac34.
  3. That is 200×34=150200 \times \frac34 = 150.
  4. The interest is ₦150, option A.

Also set as JAMB 2011 · UTME · Q4

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