Home » If the simple interest on N2000 after 9 months is N60, at what rate per…

If the simple interest on N2000 after 9 months is N60, at what rate per…

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%

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