Gce Model Questions Vol1 2022 Commerce Question 15
Practice objective / multiple choice question 15 from the 2022 Gce Model Questions Vol1 Commerce examination.
A borrower needs a loan of \(500{,}000\) ₦ for 3 years and can choose between two offers:\n\n* Offer X: simple interest at \(8\%\) per annum.\n* Offer Y: a nominal rate of \(7.5\%\) per annum, compounded quarterly.\n\nWhich offer results in the lower total amount to be repaid at the end of the term? State the offer and the total repayment amount (rounded to the nearest naira).
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About This Question
This is Gce Model Questions Vol1 2022 Commerce Question 15. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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