Post-UTME Mathematics 2015 Objective — Question 18
Question 18 of 40 from the Post-UTME Screening (Post-UTME) Mathematics 2015 Objective paper, with the correct answer and a full explanation.
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If a certain principal earns N40 interest per year at an interest rate of 6% per year, what interest will it earn at the rate of 1% per month?
- A. N80Correct
- B. N240
- C. N60
- D. N120
Explanation
1% per month = 12% per year, which is double the 6% rate; interest doubles proportionally from N40 to N80.
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