WAEC - Mathematics (2012 - No. 7)
If N2,500.00 amounted to N3,50.00 in 4 years at simple interest, find the rate at which the interest was charged
5%
7\(\frac{1}{2}\)%
8%
10%
Explanation
A = 3,500, P = N2,500
A = P + I
But I = N3,500 - N2,500
I = N1,000
I = \(\frac{PRT}{100}\)
N1,000 = \(\frac{2.500 \times R \times 4}{100}\)
1000 = 100R
R = \(\frac{1000}{100}\)
= 10%
A = P + I
But I = N3,500 - N2,500
I = N1,000
I = \(\frac{PRT}{100}\)
N1,000 = \(\frac{2.500 \times R \times 4}{100}\)
1000 = 100R
R = \(\frac{1000}{100}\)
= 10%
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