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WAEC SSCE - General Mathematics - 2012 (Objective)

Question 1 Report

If N2,500.00 amounted to N3,50.00 in 4 years at simple interest, find the rate at which the interest was charged
Answer Details
Simple interest is calculated by multiplying the principal amount, the interest rate, and the time in years. The formula for simple interest is given as: Simple Interest = (Principal x Rate x Time) / 100 In this problem, we know that the principal amount (P) is N2,500.00, the amount (A) after 4 years is N3,500.00. We need to find the rate (R) at which the interest was charged. Using the formula for simple interest, we can write: A = P + I where I is the interest amount. We can rearrange the formula to solve for I: I = A - P = N3,500.00 - N2,500.00 = N1,000.00 Now, we can substitute the values we know into the formula for simple interest and solve for R: I = (P x R x T) / 100 N1,000.00 = (N2,500.00 x R x 4) / 100 Simplifying, we get: R = (N1,000.00 x 100) / (N2,500.00 x 4) = 10% Therefore, the rate at which the interest was charged is 10%.
Read lesson note on Fractions, Decimals And Approximations (WAEC)
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