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JAMB Mathematics 2015 Paper

Question : 22

Total: 61

Find the simple interest on N325 in 5years at 3% per annum.

Solution:

Concept:

Simple interest is calculated with the formula

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

, where

P

is the principal,

R

is the rate percent per annum, and

T

is the time in years.

Explanation:

Identify the values from the question.

Principal,

P = N325

Rate,

R = 3\%

per annum

Time,

T = 5

years

Substitute the values into the formula.

I = \frac{325 \times 3 \times 5}{100}

I = \frac{325 \times 15}{100}

I = \frac{4875}{100}

I = 48.75

Therefore, the simple interest is N48.75K.

Answer:

A. N48.75K

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