Correct Answer: Option A

Explanation

To find the interest on \( N250.00 \) for \( 6 \) months at the same rate, we follow these steps:

 Calculate the Interest Rate

Given: P = N150.00, T = 2\(\frac{1}{2}\) years and I = N4.50

Using the formula for simple interest:

\(I = P \times r \times T\)

Rearranging to find the interest rate \( r \):

\(r = \frac{I}{P \times T}\)

Substituting the values:

\(r = \frac{4.50}{150 \times 2.5}\)

Calculating \( P \times T \):

\(P \times T = 150 \times 2.5 = 375\)

Now, substituting back to find \( r \):

\(r = \frac{4.50}{375} = 0.012\)

Calculate the Interest for  N250.00 \) for 6 Months

We need to calculate the interest for: P = N250.00, T = 6 months = 0.5yrs, r = 0.012

Using the interest formula again:

\(I = P \times r \times T\)

Substituting the values:

\(I = 250 \times 0.012 \times 0.5\)

\(I = 250 \times 0.012 = 3\)

Then: \(I = 3 \times 0.5 = 1.50\)

The interest on \( N250.00 \) for \( 6 \) months at the same rate is N1.5

There is an explanation video available below.

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