Mathematics

If the interest on N150.00 for 21/2 years is N4.50, find the interest on N250.00…

If the interest on N150.00 for 21/2 years is N4.50, find the interest on N250.00 for 6 months at the same rate
  • A.
    N1.50
  • B.
    N7.50
  • C.
    N15.00
  • D.
    N18.00
Correct Answer: Option A
Explanation

(I = N4.50, P = N150,T=2frac{1}{2}hspace{1mm}years\I=frac{Ptimes Ttimes R}{100}\4.50=frac{150 times 2frac{1}{2} times R}{100}\frac{4.50}{1}=frac{150 times 5 times R}{100times 2}\4.50times 4 = 15R\R=frac{4.50times5}{15}\R = frac{6}{5}\Againhspace{1mm}Ihspace{1mm}=frac{Ptimes T times R}{100}\=frac{250times 1 times 6}{100times 2times 5}\=frac{3}{2}=N1.50)