WAEC Mathematics 2018 Theory — Question 7

Question 7 of 23 from the West African Examinations Council (WAEC) Mathematics 2018 Theory paper, with the correct answer and a full explanation.

4.(a) A man was charged 2 kobo per month for every ₦1.00 he borrowed from a bank. At what rate per annum was the interest charged?

Model answer

2 kobo/month per ₦1.00 = 2×12 = 24 kobo per annum per ₦1.00, i.e. a rate of 24% per annum.

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