Post Utme Aaua 2021 Commerce Question 15

Practice objective / multiple choice question 15 from the 2021 Post Utme Aaua Commerce examination.

Post Utme Aaua 2021 Commerce Objective / Multiple Choice

Question 15 POST_UTME_AAUA • 2021 • COMMERCE • objective

A bank is considering two different loan options for its customers. Option A has an interest rate of 10% per annum and a processing fee of ₦5,000. Option B has an interest rate of 15% per annum and a processing fee of ₦3,000. If the customer borrows ₦100,000 for 1 year, which option will result in lower total cost?

Correct Answer A. Option A

B. Option B

C. Both options will result in the same total cost.

D. Neither option will result in lower total cost.

Correct Answer

Correct Option:

Option A

This is Post Utme Aaua 2021 Commerce Question 15. It is one of the objective questions from the 2021 Post Utme Aaua Commerce examination.

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