Post Utme Covenant University 2025 Commerce Question 22

Practice objective / multiple choice question 22 from the 2025 Post Utme Covenant University Commerce examination.

Post Utme Covenant University 2025 Commerce Objective / Multiple Choice
Question 22 POST_UTME_COVENANT_UNIVERSITY • 2025 • COMMERCE • objective

A consumer purchases a product with a 12% annual interest rate and a 5-year loan term. What is the total interest paid over the loan term?

Answer Options

A. ₦12,000
Correct Answer B. ₦15,000
C. ₦18,000
D. ₦20,000
Correct Answer
B
Correct Option:
₦15,000

About This Question

This is Post Utme Covenant University 2025 Commerce Question 22. It is one of the objective questions from the 2025 Post Utme Covenant University Commerce examination.

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