calculate the simple interest on N7,500 for 8 years at 5% per annum.
A
N3,000
B
N600
C
N300
D
N150
Verified Correct Answer: A.
Step-by-Step Mathematical Solution
\(I = \frac{P \times T \times R}{100}\)
= \(\frac{7500 \times 8 \times 5}{100}\)
= N3000
Source: Myschool Past Questions Archive (Record #9261)