Simple interest - Jamb Mathematics Past Questions and Answers

Question 21:

• JAMB 1995

A worker's present salary is N24,000 per annum. His annual increment is 10% of his basic salary. What would be his annual salary at the beginning of the third year?

A. N28,800
B. N29,040
C. N31,200
D. N31,944

Question 22:

• JAMB 1997

Find the simple interest rate percent per annum at which N1,000 accumulates to N1,240 in 3 years

A. 6%
B. 8%
C. 10%
D. 12%

Question 23:

• JAMB 2000

A man wishes to keep his money in a savings deposit at 25% compound interest so that after three years he can buy a car for N150,000. How much does he need to deposit?

A. N112,000.50
B. N96,000.00
C. N85,714.28
D. N76,800.00

Question 24:

• JAMB 2001

Find the principal which amounts to N5,500 at a simple interest in 5 years at 2% per annum.

A. N4,900
B. N5,000
C. N4,700
D. N4,800

Question 25:

• JAMB 2005

If the interest on N150.00 for 2¹/₂ years is N4.50, find the interest on N250.00 for 6 months at the same rate

A. N1.50
B. N7.50
C. N15.00
D. N18.00