At what rate per cent per annum will ₦2,000 earn ₦300 simple interest in 3 years?
A6%
B15%
C5%CORRECT
D4%
Common EntranceMathematicsSimple Interest
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Why the answer is C, and why the others tempt you.
Rate = (Interest x 100) / (Principal x Time) = (300 x 100) / (2,000 x 3) = 5%.
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