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BECE Mathematics 2023 Paper

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Question : 16

Total: 40

Find the simple interest on GH₵ 350.00 for 4 years at 5% per annum.

GH₵ 20.00
GH₵ 35.00
GH₵ 70.00
GH₵ 140.00

Solution:

Concept:

Simple interest is calculated using the formula:

SI = \frac{P \times R \times T}{100}

Explanation:

Here, the principal

P = \text{GH₵}\,350.00

The rate

R = 5\%

per annum

The time

T = 4

years

Substitute these values into the formula:

SI = \frac{350 \times 5 \times 4}{100}

Multiply the numerator:

350 \times 5 \times 4 = 350 \times 20 = 7000

So,

SI = \frac{7000}{100} = \text{GH₵}\,70.00

Answer:

C. GH₵ 70.00

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