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Musa borrows N10 at 2% per month simple interest and repays N8.00 after 4 months. How much does he still owe?

A. N10.80

B. N10.67

C. N2.80

D. N2.67

QUICK ANSWER…

C

DETAILS…

If Musa borrows N10.00 at 2% per month simple interest and repays N8.00 after 4 months, he still owes N2.80

Simple interest I = PRT/100

Where,

I = simple interest =?

P = principal = N10

R = rate = 2%

T = 4

Thus,

I = (10 × 2 × 4)/100

I = 80/100

I = N0.8

This implies that the total interest after 4 months = N0.8

This means at the end of 4 months,

he should pay → the principal + the total interest for 4 months.

Repayment amount = principal + intertest

Repayment amount = 10 + 0.8 = N10.8

Thus, if he repays N8, he still owes (10.8 – 8) = N2.80

Now for the right answer to the above question:

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

KEY-POINTS…

You may please note these/this:

• Simple interest I = PRT/100.

If you love our answers, you can simply join our community and also provide answers like this, fellow learners like you will appreciate it.

/ culled from 2021 JAMB-UTME MATHEMATICS question 26 /