All Courses
Get the App Signup / Login
Sign in Open App
JAMB Exam  >  JAMB Tests  >  Test: Simple Interest - JAMB MCQ

Test: Simple Interest - JAMB MCQ


Test Description

10 Questions MCQ Test - Test: Simple Interest

Test: Simple Interest for JAMB 2024 is part of 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 course for JAMB & Test: Simple Interest solutions in Hindi 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 for JAMB Exam | Download free PDF with solutions
Test: Simple Interest - Question 1
Save

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
Save

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%.

1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Simple Interest - Question 3
Save

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
Save

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
Save

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
Save

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
Save

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
Save

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
Save

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
Save

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.

Information about Test: Simple Interest Page
In this test you can find the Exam questions for Test: Simple Interest solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Simple Interest, EduRev gives you an ample number of Online tests for practice

Top Courses for JAMB

Download as PDF

Top Courses for JAMB

Important Questions for Simple Interest

Find all the important questions for Simple Interest at EduRev.Get fully prepared for Simple Interest with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Simple Interest syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Simple Interest resources.

Simple Interest MCQs with Answers

Prepare for the Simple Interest within the JAMB exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Simple Interest

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Simple Interest with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup