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JAMB Mathematics 2024 Paper

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Question : 2

Total: 50

Find the amount if simple interest is paid yearly at 5% per annum for 3 years, on a principal of # 200,000.00

# 23, 000.00
# 30,000.00
# 300,000.00
# 230,000.00

Solution:

Concept:

Simple interest is added to the principal to get the total amount after the given time.

Explanation:

Simple interest is calculated using the formula:

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

Here,

P = \#200{,}000.00

,

R = 5\%

, and

T = 3

years.

Substitute the values:

I = \frac{200{,}000 \times 5 \times 3}{100}

Simplify:

I = \frac{3{,}000{,}000}{100} = \#30{,}000.00

Now find the amount:

\text{Amount} = P + I = 200{,}000 + 30{,}000

\text{Amount} = \#230{,}000.00

Answer:

D.

\#230{,}000.00

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