Gce Model Questions Vol1 2017 Commerce Question 50
Practice objective / multiple choice question 50 from the 2017 Gce Model Questions Vol1 Commerce examination.
A homeowner sells a house for ₦25 000 000. The estate agent's commission is 2 % on the first ₦10 000 000 of the sale price and 1.5 % on any amount above that. Value‑added tax (VAT) of 7.5 % is applied to the commission. In addition, the homeowner must pay a fixed legal fee of ₦150 000. Determine the net amount the homeowner receives after all deductions.
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About This Question
This is Gce Model Questions Vol1 2017 Commerce Question 50. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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