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JAMB Mathematics 2015 Paper

Question : 17

Total: 61

Solution:

Concept:

Simple interest is calculated using the principal, rate, and time. The interest earned is the difference between the amount and the principal.

Explanation:

Find the simple interest first.

Interest

I = \text{Amount} - \text{Principal} = N588 - N525 = N63

Use the simple interest formula:

I = \frac{PRT}{100}

, where

P = 525

T = 3

, and

I = 63

Make

R

the subject:

R = \frac{100I}{PT}

Substitute the values:

R = \frac{100 \times 63}{525 \times 3}

Simplify:

R = \frac{6300}{1575} = 4

Therefore, the annual rate is

4\%

Answer:

D. 4%

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