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The simple interest on #8550 for 3 years…

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The simple interest on #8550 for 3 years at x% per annum is #4890. Calculate the value of x to the nearest whole number.

  • A 16.5%
  • B. 19%
  • C. 25%
  • D. 20%

QUICK ANSWER…

B

SOLUTION 

Simple interest I = PRT/100

Where P = principal

             R = rate

     And T = time

Data given:

I = #4890

P = #8550

R = x% and

T = 3 years

Substituting these, we have:

The simple interest on #8550

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.
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QUICK TIPS…

You may please note these/this:

  • You would have to make sure the question says per annum before using this simple formula, however in case the rate is per month or per decade or per any other time apart from per annum, then you will have to firstly, convert to per annum before using this simple formula.

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/culled from 2019 JAMB-UTME mathematics question 33 /

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