If N2,500.00 amounted to N3,50.00 in 4 years at simple in...
If N2,500.00 amounted to N3,50.00 in 4 years at simple interest, find the rate at which the interest was charged
5%
712%
8%
10%
Correct answer is D
A = 3,500, P = N2,500
A = P + I
But I = N3,500 - N2,500
I = N1,000
I = PRT100
N1,000 = 2.500×R×4100
1000 = 100R
R = 1000100
= 10%
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