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Musa borrows N10 at 2% per month simple interest…

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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

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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.

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/ culled from 2021 JAMB-UTME MATHEMATICS question 26 /

1 Answers

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    Simple interest I = PRT/100.

    Admin - Mar 29, 2022 | Reply


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