Waec Model Questions Vol1 2017 Commerce Question 14
Practice objective / multiple choice question 14 from the 2017 Waec Model Questions Vol1 Commerce examination.
A consumer buys a washing machine for ₦120,000 on a 12‑month hire‑purchase plan that charges simple interest of 12% per annum on the cash price. After 4 months the machine is found defective and is returned. The seller's policy deducts a restocking fee of 8% of the cash price and the consumer is entitled to a refund of all payments made, plus simple interest on the cash price for the 4‑month period at the same 12% per annum rate. How much total refund should the consumer receive?
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About This Question
This is Waec Model Questions Vol1 2017 Commerce Question 14. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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