Simple interest - Jamb Mathematics Past Questions and Answers

Question 1:

• JAMB 2019

The simple interest on #8550 for 3 years at x% per annum is #4890. Calculate the value of x to the nearest whole number.

A. 19%
B. 20%
C. 25%
D. 16.3%

Question 2:

• JAMB 2018

If the simple interest on a sum of money invested at 3% per annum for 2\(\frac{1}{2}\) years is N123, find the principal.

A. N676.50
B. N820
C. N1,640
D. N4,920

Question 3:

• JAMB 2017

Find the principal which amounts to ₦ 5,500 at a simple interest in 5 years at 2% per annum

A. N 4,900
B. N 5,000
C. N 4,700
D. N 4,000

Question 4:

• JAMB 2018

If the simple interest on a sum of money invested at 3% per annum for 2\(\frac{1}{2}\) years is N123, find the principal.

A. N676.50
B. N820
C. N1,640
D. N4,920

Question 5:

• JAMB 2015

The amount A to which a principal P amounts at r% compound interest for n years is given by the formula A = P(1 + (r ÷ 100)\(^n\). Find A, if P = 126, r = 4 and n = 2.

A. N132.50K
B. N136.30K
C. N125.40K
D. N257.42K