If the simple interest on N2000 after 9 months is N60, at what rate per annum is the interest charged?
- \(2\frac{1}{4}\)%
-
4%
- 5%
- 6%
The correct answer is: B
Explanation
\(I = \frac{PRT}{100}\)
\(R = \frac{100I}{PT}\)
\(R = \frac{100 \times 60}{2000 \times \frac{3}{4}}\)
\(R = \frac{6000}{1500}\)
= 4%