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JAMB Mathematics 2010 Paper

Question : 24

Total: 49

Solution:

Concept:

Simple interest is calculated using the formula

I = \frac{P \times T \times R}{100}

. We substitute the given values and solve for the rate

R

Explanation:

The interest gained is

I = N24

The principal is

P = N400

The time is

T = 3

years.

Substitute into the simple interest formula:

24 = \frac{400 \times 3 \times R}{100}

Multiply both sides by

100

2400 = 1200R

Divide both sides by

1200

R = \frac{2400}{1200} = 2\%

Answer:

The rate of interest is

2\%

, which is option B.

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