If the simple interest on N2000 after 9 months is N60, at what rate per annum is the interest charged?
A
\(2\frac{1}{4}\)%
B
4%
C
5%
D
6%
Verified Correct Answer: B.
Step-by-Step Mathematical Solution
\(I = \frac{PRT}{100}\)
\(R = \frac{100I}{PT}\)
\(R = \frac{100 \times 60}{2000 \times \frac{3}{4}}\)
\(R = \frac{6000}{1500}\)
= 4%
Source: WAEC / JAMB / NECO Classroom Archive (Record #26471)