Waec Model Questions Vol1 2024 Commerce Question 5
Practice objective / multiple choice question 5 from the 2024 Waec Model Questions Vol1 Commerce examination.
An insurance company offers a motor vehicle comprehensive policy. The base premium is 3 % of the vehicle's market value. Because the driver is 28 years old with a 2‑year driving record, a loading factor of 1.25 is applied. After loading, a no‑claim discount of 15 % is granted. Finally, a policy tax of 5 % is added to the discounted premium. If the market value of the vehicle is ₦2,800,000, what is the total amount payable for the policy (including tax), rounded to the nearest naira?
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About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 5. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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