JAMB - Mathematics (2024 - No. 2)

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

Amount = principal + Interest

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

P = #200,000, R = 5%, T = 3 yrs

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

= 2000 x 15 = #30,000

A = 200,000 + 30,000 = #230,000.