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Interest on US $1M

Interest on US $1M

QuizTablet Videos

At what rate would a sum of N100.00 deposited for 5 years raise an interest of N7.50?

A. 2 ½ %

B. 1 ½ %

C. 15%

D. 25%

QUICK ANSWER…

B

DETAILS…

Simple interest = PRT/100

Where P = principal

R = rate

T = time

Data given:

Simple interest = N7.5

P = N100

R = ?

T = 5

Substituting accordingly, we have:

7.5 = (100 × R × 5)/100

Multiplying both sides with 100, we have:

750 = 500R

R = 75/50 = 75/50 = 3/2 = 1 ½ %

Now for the right answer to the above question:

1. Option A is incorrect.
2. Option B is correct.
3. C is incorrect.
4. D is not the correct answer.

KEY-POINTS…

You may please note these/this:

• Simple interest = PRT/100
• Time is usually expressed in years, if you encounter a question given in months, you must convert to years before applying this formula.
• If you love our answers, you can login to comment and say hi to us at the comment section…

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/ culled from 2020 JAMB-UTME mathematics past question 02 /