Post Utme Abu 2020 Commerce Question 10

Practice objective / multiple choice question 10 from the 2020 Post Utme Abu Commerce examination.

Post Utme Abu 2020 Commerce Objective / Multiple Choice
Question 10 POST_UTME_ABU • 2020 • COMMERCE • objective

A bank offers a loan of ₦500,000 at an interest rate of 12% per annum. If the loan is repayable in 5 years, what is the total amount the borrower needs to pay?

Answer Options

A. ₦625,000
B. ₦650,000
C. ₦675,000
Correct Answer D. ₦700,000
Correct Answer
D
Correct Option:
₦700,000

About This Question

This is Post Utme Abu 2020 Commerce Question 10. It is one of the objective questions from the 2020 Post Utme Abu Commerce examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support