A maize farmer obtains a loan of N120,000.00 at an interest rate of 9% to be repaid in one year.Calculate the interest to be paid on the loan.

Assessment: WAEC SSCE - Agricultural Science - 2002 (Objective) Subject: Agricultural Science

Question 1 Report

A maize farmer obtains a loan of N120,000.00 at an interest rate of 9% to be repaid in one year.Calculate the interest to be paid on the loan.
Answer Details
To calculate the interest on the loan, we use the formula: Interest = Principal x Rate x Time Where Principal is the amount borrowed, Rate is the interest rate, and Time is the duration of the loan. In this case, the Principal is N120,000.00, the Rate is 9% or 0.09 in decimal form, and the Time is one year. So, Interest = N120,000.00 x 0.09 x 1 Interest = N10,800.00 Therefore, the interest to be paid on the loan is N10,800.00. Option A is the correct answer.
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