Gce Model Questions Vol1 2020 Computer Studies Question 20

Practice objective / multiple choice question 20 from the 2020 Gce Model Questions Vol1 Computer Studies examination.

Gce Model Questions Vol1 2020 Computer Studies Objective / Multiple Choice Hard Difficulty
Question 20 GCE_MODEL_QUESTIONS_VOL1 • 2020 • COMPUTER_STUDIES • objective

A loan of \(500{,}000\) Naira is to be repaid over 5 years with interest charged at 8 % per annum (nominal) and payable monthly. (a) Using the standard loan amortisation formula, calculate the monthly repayment amount (rounded to the nearest Naira). (b) After the first 12 repayments have been made, determine the outstanding balance (rounded to the nearest Naira).

Answer Options

A. Monthly payment = 9 900 Naira; balance after 12 months = 420 500 Naira
Correct Answer B. Monthly payment = 10 154 Naira; balance after 12 months = 415 083 Naira
C. Monthly payment = 10 500 Naira; balance after 12 months = 410 000 Naira
D. Monthly payment = 9 850 Naira; balance after 12 months = 418 200 Naira
Correct Answer
B
Correct Option:
Monthly payment = 10 154 Naira; balance after 12 months = 415 083 Naira

About This Question

This is Gce Model Questions Vol1 2020 Computer Studies Question 20. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Computer Studies examination.

Difficulty level: Hard .

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