What is the simple interest on a personal education loan of GH₵ 5,000 borrowed at 12% per annum for 18 months?
Answer and explanation
Correct answer: B. GH₵ 900.00
- Step 1: Convert 18 months to years: T = 18 / 12 = 1.5 years. Step 2. Use formula I = (P R T) / 100: (5,000 12 1.5) / 100 = 50 18 = GH₵ 900.00. Answer: GH₵ 900.00. Why not the others:* GH₵ 600.00 is interest for 1 year (12 months); GH₵ 1,080.00 is an arithmetic error; GH₵ 1,200.00 is interest for 2 years.
Practise more Number Operations, Proportions and Pre-algebra.
Free questions with an explanation for every one, and full timed Ghana Teacher Licensure Examination mock tests.
More Number Operations, Proportions and Pre-algebra questions
- A school received a capitation grant of GH₵ 24,000. If 3/8 was spent on teaching learning materials, how much was spent on TLMs?
- In a school of 600 students, the ratio of boys to girls is 7 : 5. How many girls are enrolled in the school?
- A teacher earns a gross monthly salary of GH₵ 3,200. If 5.5% is deducted for SSNIT pension, what is the SSNIT deduction?
- The pass rate in an annual district exam rose from 64% to 80%. What was the percentage increase in the pass rate?
- Solve for k in the proportional equation: 3 / 7 = k / 56.
- If 12 teachers can complete grading an exam cohort in 6 hours, how many hours will 9 teachers take at the same rate?