NECO Mathematics 2025 Objective — Question 5
Question 5 of 60 from the National Examinations Council (NECO) Mathematics 2025 Objective paper, with the correct answer and a full explanation.
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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.
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