Waec Model Questions Vol1 2024 Commerce Question 15
Practice objective / multiple choice question 15 from the 2024 Waec Model Questions Vol1 Commerce examination.
An importer in Nigeria buys electronic goods worth $50,000. The exchange rate is ₦460 per US$. The bank charges a commission of 1.5% on the Naira amount obtained after conversion and gives a 0.5% discount on that commission if payment is made within 7 days. A customs duty of 5% is then levied on the total Naira amount after the (discounted) commission but before duty. Calculate the total amount in Naira the importer must pay if the early‑payment discount is taken. Round the final answer to the nearest naira.
Answer Options
About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 15. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.