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JSS2: MATHEMATICS - 2ND TERM

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  1. Transactions in the Homes and Offices | Week 1
    8 Topics
    |
    1 Quiz
  2. Expansion and Factorization of Algebraic Expressions | Week 2
    4 Topics
    |
    1 Quiz
  3. Algebraic Expansion and Factorization of Algebraic Expression | Week 3
    4 Topics
    |
    1 Quiz
  4. Algebraic Fractions I | Week 4
    4 Topics
    |
    1 Quiz
  5. Addition and Subtraction of Algebraic Fractions | Week 5
    2 Topics
    |
    1 Quiz
  6. Solving Simple Equations | Week 6
    4 Topics
    |
    1 Quiz
  7. Linear Inequalities I | Week 7
    4 Topics
    |
    1 Quiz
  8. Linear Inequalities II | Week 8
    2 Topics
    |
    1 Quiz
  9. Quadrilaterals | Week 9
    2 Topics
    |
    1 Quiz
  10. Angles in a Polygon | Week 10
    4 Topics
    |
    1 Quiz
  11. The Cartesian Plane Co-ordinate System I | Week 11
    3 Topics
    |
    1 Quiz
  12. The Cartesian Plane Co-ordinate System II | Week 12
    1 Topic
    |
    1 Quiz



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Topic Content:

  • Meaning of interest
  • Simple Interest

Interest: 

Interest is a payment made for saving or borrowing money. The extra amount is called interest. 

Simple Interest: 

A simple interest is an interest calculated on a fixed yearly rate. 

Example 1.1.1:

Find the simple interest on a loan of ₦40 000 for 1 year at 5% per annum.

Solution 

Yearly interest = \( \scriptsize 5 \% \: of \: N40 000 \\ = \frac{5}{100} \scriptsize \: \times \: N40 000 \\ \scriptsize = N2,000  \)

Simple Interest for 5 years = \( \scriptsize N2,000 \: \times \: 5 \\ =   \scriptsize N10,000\)

Alternatively, you can use the formula for simple interest

Simple Interest = \( \frac{Principal \: \times \: Rate \: \times \: Time}{100} \)

Where;

Principal: Is the original amount invested, saved or borrowed. It is also called capital. 
Rate: Rate is the percentage of the principal charged for saving or borrowing money. 
Time: This is the duration of the investment or saving. 

In the example above,

Principal, P = ₦40,000

Rate, R = 5%

Time, T = 1 year

Substitute these values into the formula;

Simple Interest = \( \frac{Principal \: \times \: Rate \: \times \: Time}{100} \)

Simple Interest = \( \frac{40,000 \: \times \: 5 \: \times \: 1}{100}\\ = \frac{400 \: \times \: 5}{1} \\ = \scriptsize N2,000\)

Simple Interest S.I. = \( \frac{PRT}{100} \)

Amount = Principal + Interest 

The total amount to be paid by the borrower to the lender is called the Amount.

  • In example 1 above, the money borrowed from the lender or the principal is N40,000.
  • After one year the interest on the money borrowed was N2,000
  • So the money to be paid back by the borrower to the lender after a year will be;
    • Amount = Principal + Interest
    • Amount = N40,000 + N2,000
    • Amount = N42,000

Example 1.1.2: 

Find the simple interest and amount on ₦10 000 for 2 years at 4% per annum 

Solution 

 

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