Gce Model Questions Vol1 2023 Commerce Question 26
Practice objective / multiple choice question 26 from the 2023 Gce Model Questions Vol1 Commerce examination.
A borrower takes a loan of an unknown amount. For the first \(2\) years interest is charged at \(8\%\) per annum simple, then for the next \(3\) years interest is charged at \(10\%\) per annum compound annually on the balance. At the end of the \(5\)-year period the borrower repays \(\text{₦}1,200,000\). What was the original loan amount? Give your answer in naira to the nearest naira.
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About This Question
This is Gce Model Questions Vol1 2023 Commerce Question 26. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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