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JAMB Mathematics 2010 Objective — Question 5

Question 5 of 50 from the Joint Admissions and Matriculation Board (JAMB) Mathematics 2010 Objective paper, with the correct answer and a full explanation.

5. At what rate will the interest on N400 increase to N24 in 3 years reckoning in simple interest? A. 5% B. 4% C. 3% D. 2%

A. 5%
B. 4%
C. 3%
D. 2%Correct

Explanation

R = (100 x I)/(P x T) = (100 x 24)/(400 x 3) = 2%.

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