Find the simple interest on ₦5,000 at 4% per annum for 3 years.
A₦5,600
B₦200
C₦6,000
D₦600CORRECT
Common EntranceMathematicsSimple Interest
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Why the answer is D, and why the others tempt you.
I = PRT/100 = 5,000 x 4 x 3 / 100 = ₦600.
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