JAMB 2018 · UTME · Q30

Calculate the simple interest on ₦1,500 for 8 years at $5\%$ per annum.

Worked solution (try it first)

Use $I = \dfrac{PRT}{100}$ with $P = 1500$ , $R = 5$ and $T = 8$ .
One year's interest is $\frac{5}{100} \times 1500 =$ ₦75, so 8 years give $8 \times 75 = 600$ .
The simple interest is ₦600, option B.