Musa borrows N10.00 at 2% per month simple interest and repays N8.00 after 4 months. How much does he still owe?
- N10.80
- N10.67
-
N2.80
- N2.67
The correct answer is: C
Explanation
I = \(\frac{PRT}{100}\)
= \(\frac{10 \times 2 \times 4}{100}\)
= \(\frac{4}{5}\)
= 0.8
Total amount = N10.80
He pays N8.00
Remainder = 10.80 - 8.00
= N2.80
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