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JSS3: MATHEMATICS - 2ND TERM

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  1. Trigonometry I | Week 1
    3 Topics
    |
    1 Quiz
  2. Trigonometry II | Week 2
    4 Topics
    |
    1 Quiz
  3. Trigonometry III | Week 3
    5 Topics
    |
    2 Quizzes
  4. Similarity I | Week 4
    3 Topics
    |
    1 Quiz
  5. Similarity II | Week 5
    3 Topics
    |
    1 Quiz
  6. Similarity III | Week 6
    2 Topics
    |
    1 Quiz
  7. Similarity IV | Week 7
    2 Topics
    |
    1 Quiz
  8. Variation I | Week 8
    3 Topics
    |
    1 Quiz
  9. Variation II | Week 9
    2 Topics
    |
    1 Quiz
  10. Calculations Involving Standard Form | Week 10
    4 Topics
    |
    1 Quiz
  11. Compound Interest | Week 11
    4 Topics
    |
    1 Quiz



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Topic Content:

  • Simple Interest

Simple interest is a quick, easy and efficient method of calculating the interest charge on a loan or the principal amount (P) that was borrowed or lent. It is the fee paid on an amount of money, P, whether it’s loaned, borrowed, or invested. 

Simple interest can be calculated using the formula.   

I = \( \frac{PRT}{100} \)

Where

I = simple interest 

P = Principal

R = Rate (% per annum) 

T = Time (in years). 

Example 11.1.1:

Calculate the simple interest of ₦10000 (the principal) borrowed for 1 year at a rate of 4% per annum 

Solution

I = \( \frac{PRT}{100} \\ = \frac{10000 \: \times \: 4 \: \times \: 1}{100} \)

= ₦400.00

Example 11.1.2:

₦15000 was invested at a 6% per annum Rate for 1 year. What is the Simple Interest?

Solution

 

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