Home » A man invested N5,000 for 9 months at 4%. What is the simple interest?

A man invested N5,000 for 9 months at 4%. What is the simple interest?

A man invested N5,000 for 9 months at 4%. What is the simple interest?
  • A.
    N150
  • B.
    N220
  • C.
    N130
  • D.
    N250
Correct Answer: Option A
Explanation

S.I. = (frac{P times R times T}{100})
If T = 9 months, it is equivalent to (frac{9}{12}) years
S.I. = (frac{5000 times 4 times 9}{100 times 12})
S.I. = N150

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