Waec Model Questions Vol1 2024 Commerce Question 7
Practice objective / multiple choice question 7 from the 2024 Waec Model Questions Vol1 Commerce examination.
A businessman borrows ₦1,500,000 from a bank. The bank charges simple interest of 12% per annum for the first 2 years and 8% per annum for each subsequent year. An upfront processing fee equal to 1.5% of the principal is also payable. If the total amount he repays (principal + interest + fee) is ₦2,122,500, for how many years was the loan outstanding?
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About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 7. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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