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JAMB Exam  >  JAMB Tests  >  Mathematics for JAMB  >  Test: Simple Interest - JAMB MCQ

Test: Simple Interest - JAMB MCQ


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10 Questions MCQ Test Mathematics for JAMB - Test: Simple Interest

Test: Simple Interest for JAMB 2024 is part of Mathematics for JAMB preparation. The Test: Simple Interest questions and answers have been prepared according to the JAMB exam syllabus.The Test: Simple Interest MCQs are made for JAMB 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Simple Interest below.
Solutions of Test: Simple Interest questions in English are available as part of our Mathematics for JAMB for JAMB & Test: Simple Interest solutions in Hindi for Mathematics for JAMB course. Download more important topics, notes, lectures and mock test series for JAMB Exam by signing up for free. Attempt Test: Simple Interest | 10 questions in 8 minutes | Mock test for JAMB preparation | Free important questions MCQ to study Mathematics for JAMB for JAMB Exam | Download free PDF with solutions
Test: Simple Interest - Question 1
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A sum of ₦10,000 is invested in a bank at an annual interest rate of 5%. How much interest will be earned after 2 years?

Detailed Solution for Test: Simple Interest - Question 1

Interest = Principal × Rate × Time
= ₦10,000 × 0.05 × 2
= ₦1,000.

Test: Simple Interest - Question 2
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If the simple interest on a principal of ₦12,000 for 3 years is ₦3,240, what is the annual interest rate?

Detailed Solution for Test: Simple Interest - Question 2

Interest = Principal × Rate × Time, where Interest = ₦3,240, Principal = ₦12,000, and Time = 3 years. Rearranging the formula:
Rate = (Interest / (Principal × Time)) × 100
= (₦3,240 / (₦12,000 × 3)) × 100
= 9%.

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Test: Simple Interest - Question 3
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A sum of ₦5,000 is invested at a simple interest rate of 8% per annum. How long will it take for the interest to amount to ₦1,200?

Detailed Solution for Test: Simple Interest - Question 3

Interest = Principal × Rate × Time, where Principal = ₦5,000, Interest = ₦1,200, and Rate = 8% per annum. Rearranging the formula:
Time = Interest / (Principal × Rate)
= ₦1,200 / (₦5,000 × 0.08)
= 5 years.

Test: Simple Interest - Question 4
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If ₦3,500 is invested at a simple interest rate of 6% per annum, how much interest will be earned after 4 years?
Detailed Solution for Test: Simple Interest - Question 4

Interest = Principal × Rate × Time
= ₦3,500 × 0.06 × 4
= ₦1,680.

Test: Simple Interest - Question 5
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A man borrowed ₦20,000 at a simple interest rate of 10% per annum. If he repays the loan after 2 years, how much interest will he have to pay?
Detailed Solution for Test: Simple Interest - Question 5

Interest = Principal × Rate × Time
= ₦20,000 × 0.10 × 2
= ₦4,000.

Test: Simple Interest - Question 6
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The simple interest on a sum of money is ₦450 at a rate of 5% per annum. How long will it take for the principal to double?
Detailed Solution for Test: Simple Interest - Question 6

The interest earned is equal to the principal, so Principal × Rate × Time = Principal.
Rearranging the formula:
Time = 100 / Rate = 100 / 5 = 20 years.
However, the principal needs to double, so it takes half the time, i.e., 20 / 2 = 10 years.

Test: Simple Interest - Question 7
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If the simple interest on a principal of ₦8,000 for 2 years is ₦1,280, what is the annual interest rate?
Detailed Solution for Test: Simple Interest - Question 7

Interest = Principal × Rate × Time, where Interest = ₦1,280, Principal = ₦8,000, and Time = 2 years. Rearranging the formula:
Rate = (Interest / (Principal × Time)) × 100
= (₦1,280 / (₦8,000 × 2)) × 100
= 10%.

Test: Simple Interest - Question 8
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A sum of ₦7,500 is invested in a bank at an annual interest rate of 4%. How much interest will be earned after 3 years?
Detailed Solution for Test: Simple Interest - Question 8

Interest = Principal × Rate × Time
= ₦7,500 × 0.04 × 3
= ₦900.

Test: Simple Interest - Question 9
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If ₦5,000 is invested at a simple interest rate of 7% per annum, how long will it take for the interest to amount to ₦1,400?
Detailed Solution for Test: Simple Interest - Question 9

Interest = Principal × Rate × Time, where Principal = ₦5,000, Interest = ₦1,400, and Rate = 7% per annum. Rearranging the formula:
Time = Interest / (Principal × Rate)
= ₦1,400 / (₦5,000 × 0.07)
= 3 years.

Test: Simple Interest - Question 10
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A woman borrowed ₦10,000 at a simple interest rate of 8% per annum. If she repays the loan after 3 years, how much interest will she have to pay?
Detailed Solution for Test: Simple Interest - Question 10

Interest = Principal × Rate × Time
= ₦10,000 × 0.08 × 3
= ₦2,400.

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