If the simple interest on N2000 after 9 months is N60, at what rate per annum is the interest charged?
-
A.
(2frac{1}{4})% -
B.
4% -
C.
5% -
D.
6%
Correct Answer: Option B
Explanation
(I = frac{PRT}{100})
(R = frac{100I}{PT})
(R = frac{100 times 60}{2000 times frac{3}{4}})
(R = frac{6000}{1500})
= 4%