NECO Mathematics 2007 Objective — Question 5
Question 5 of 60 from the National Examinations Council (NECO) Mathematics 2007 Objective paper, with the correct answer and a full explanation.
Advertisement
Find the amount paid by an investor that took a loan of #4,000.00 for 6 months at 12% per annum simple interest.
- A. #400.00
- B. #1,040.00
- C. #4,240.00Correct
Explanation
I = PRT/100 = (4000x12x0.5)/100 = 240. Amount = Principal + Interest = 4000+240 = #4,240.00.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.