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

Test: Simple Interest - JAMB MCQ


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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.
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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 formula for simple interest is:

SI = (P × R × T) / 100

Where:

  • SI = Simple Interest
  • P = Principal
  • R = Rate of interest per annum
  • T = Time in years

Step 1: When the principal doubles

If the principal doubles, then SI = P. Substituting into the formula:

P = (P × R × T) / 100

Canceling out P:

1 = (R × T) / 100

Solve for T:

T = 100 / R

Step 2: Substitute the given rate

The rate of interest, R = 5%:

T = 100 / 5 = 20 years

Final Answer:

The principal will double in 20 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 Rs.5,000 is invested at a simple interest rate of 7% per annum, how long will it take for the interest to amount to Rs.1,400?
Detailed Solution for Test: Simple Interest - Question 9

The formula for calculating simple interest is:

I = (P × R × T) / 100
Where:

  • I = Interest (₦1,400)
  • P = Principal (₦5,000)
  • R = Rate of interest (7%)
  • T = Time (in years, to be calculated)

Substitute the given values:

Rs 1,400 = (Rs5,000 × 7 × T) / 100

Simplify:

1,400 = (35,000 × T) / 100

1,400 = 350T

Solve for T:

T = 1,400 / 350 = 4 years

Correct Answer:

b) 4 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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