Gce Model Questions Vol1 2021 Commerce Question 2
Practice objective / multiple choice question 2 from the 2021 Gce Model Questions Vol1 Commerce examination.
A business takes a loan of \(\text{₦}2{,}000{,}000\) with a nominal annual interest rate of \(12\%\) payable monthly. After six months the bank reduces the nominal rate by \(1.5\%\) for the remaining term, and the loan is to be repaid in equal monthly instalments over a total of \(24\) months. What is the total interest paid over the whole loan?
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About This Question
This is Gce Model Questions Vol1 2021 Commerce Question 2. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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