Gce Model Questions Vol1 2017 Commerce Question 29
Practice objective / multiple choice question 29 from the 2017 Gce Model Questions Vol1 Commerce examination.
A customer takes a loan of \(\text{₦}200,000\) at an annual interest rate of \(12\%\) compounded monthly, to be repaid in equal monthly instalments over \(3\) years. After \(12\) months the customer makes an extra lump‑sum payment of \(\text{₦}20,000\) towards the principal. What is the new monthly instalment amount for the remaining \(24\) months? (Round to the nearest naira.)
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About This Question
This is Gce Model Questions Vol1 2017 Commerce Question 29. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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