Waec Model Questions Vol1 2018 Commerce Question 16
Practice objective / multiple choice question 16 from the 2018 Waec Model Questions Vol1 Commerce examination.
A borrower obtains a loan of ₦500,000 at simple interest 12% per annum payable annually. After 2 years the borrower refinances the outstanding balance at 10% per annum compound interest, payable annually, for a further 3 years. What is the total amount payable at the end of the 5‑year period?
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About This Question
This is Waec Model Questions Vol1 2018 Commerce Question 16. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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