Waec Model Questions Vol1 2018 Commerce Question 15
Practice objective / multiple choice question 15 from the 2018 Waec Model Questions Vol1 Commerce examination.
An insurance company offers fire insurance. The basic premium is 0.35% of the sum insured. A loading of 12% is added to the basic premium, then a government tax of 5% is applied to the loaded premium. A discount of 10% is granted on the final amount only if the premium after tax exceeds ₦30,000; otherwise no discount is given. For a building with a sum insured of ₦8,000,000, what is the annual premium payable after any applicable discount?
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About This Question
This is Waec Model Questions Vol1 2018 Commerce Question 15. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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