Waec Model Questions Vol1 2025 Commerce Question 23
Practice objective / multiple choice question 23 from the 2025 Waec Model Questions Vol1 Commerce examination.
A trader obtains a discount loan of ₦2,000,000 at a bank discount rate of 15% per annum for 90 days. The bank deducts the discount from the principal and pays the net amount to the trader. What is the effective annual interest rate (to two decimal places) of this loan?
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About This Question
This is Waec Model Questions Vol1 2025 Commerce Question 23. It is one of the objective questions from the 2025 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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