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JAMB UTME - Mathematics - 1991

Question 1 Report

Musa borrows N10.00 at 2% per month simple interest and repays N8.00 after 4 months. How much does he still owe?

Answer Details

I = PRT100 P R T 100

= 10×2×4100 10 × 2 × 4 100

= 45 4 5

= 0.8

Total amount = N10.80

He pays N8.00

Remainder = 10.80 - 8.00

= N2.80