Post Utme Christopher University 2024 Commerce Question 4

Practice objective / multiple choice question 4 from the 2024 Post Utme Christopher University Commerce examination.

Post Utme Christopher University 2024 Commerce Objective / Multiple Choice
Question 4 POST_UTME_CHRISTOPHER_UNIVERSITY • 2024 • COMMERCE • objective

A bank offers a loan of ₦1,000,000 at an interest rate of 10% per annum compounded annually. If the loan is to be repaid in 5 years, what is the total amount to be repaid?

Answer Options

Correct Answer A. ₦1,628,930
B. ₦1,610,000
C. ₦1,650,000
D. ₦1,700,000
Correct Answer
A
Correct Option:
₦1,628,930

About This Question

This is Post Utme Christopher University 2024 Commerce Question 4. It is one of the objective questions from the 2024 Post Utme Christopher University Commerce examination.

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