Gce Model Questions Vol1 2022 Commerce Question 22
Practice objective / multiple choice question 22 from the 2022 Gce Model Questions Vol1 Commerce examination.
A consumer bought a television for ₦150,000 that came with a 2‑year warranty. After 9 months the TV developed a fault. Under the Consumer Protection Act the consumer may elect a price‑reduction remedy. The reduction must be proportional to the period the product was defective during the warranty. In addition, the Act entitles the consumer to a statutory compensation equal to 10\% of the purchase price, and simple interest at 8\% per annum on the total compensation from the date of purchase to the settlement date, which is 14 months after purchase. Calculate the total amount the seller must pay the consumer.
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About This Question
This is Gce Model Questions Vol1 2022 Commerce Question 22. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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