Waec Model Questions Vol1 2021 Commerce Question 1
Practice objective / multiple choice question 1 from the 2021 Waec Model Questions Vol1 Commerce examination.
A small manufacturing firm needs to raise ₦6,000,000 in capital. It can obtain a short‑term loan at 10% per annum and a long‑term loan at 14% per annum. The total interest payable in the first year must not exceed ₦800,000 and the short‑term loan may not exceed 30% of the total loan amount. What is the maximum amount that can be obtained as a short‑term loan?
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About This Question
This is Waec Model Questions Vol1 2021 Commerce Question 1. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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