Gce Model Questions Vol1 2020 Commerce Question 13
Practice objective / multiple choice question 13 from the 2020 Gce Model Questions Vol1 Commerce examination.
An insurance company calculates a motor‑insurance premium as follows: a base premium equal to 5 % of the insured value, a loading of 20 % for drivers under 25, a no‑claims discount of 15 % for a 2‑year bonus, and finally a tax of 2.5 % applied to the premium after loading and discount. A 23‑year‑old driver insures a vehicle for \(\text{₦}2{,}000{,}000\) and has a 2‑year no‑claims bonus. What is the final premium payable, rounded to the nearest naira?
Answer Options
About This Question
This is Gce Model Questions Vol1 2020 Commerce Question 13. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.