Post Utme Covenant University 2023 Commerce Question 19

Practice objective / multiple choice question 19 from the 2023 Post Utme Covenant University Commerce examination.

Post Utme Covenant University 2023 Commerce Objective / Multiple Choice
Question 19 POST_UTME_COVENANT_UNIVERSITY • 2023 • COMMERCE • objective

A consumer has a credit card with a balance of ₦50,000 and an interest rate of 20% per annum. What is the interest charged for the first year?

Answer Options

A. ₦10,000
Correct Answer B. ₦20,000
C. ₦30,000
D. ₦40,000
Correct Answer
B
Correct Option:
₦20,000

About This Question

This is Post Utme Covenant University 2023 Commerce Question 19. It is one of the objective questions from the 2023 Post Utme Covenant University Commerce examination.

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