Find the simple interest on ₦325 in 5years at 3% per annum.

Assessment: JAMB UTME - Mathematics - 2015 Subject: General Mathematics

Question 1 Report

₦48.75K

₦50.10K

₦75.50K

₦15.75K

Answer Details

The formula for finding the simple interest on a principal amount P for a period of t years at an interest rate of r per annum is:

simple interest = P * r * t / 100

In this case, P = 325, t = 5, and r = 3, so we can plug in the values into the formula:

simple interest = 325 * 3 * 5 / 100
simple interest = 48.75

So, the simple interest on ₦325 in 5 years at 3% per annum is ₦48.75.

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