Gce Model Questions Vol1 2025 Commerce Question 45
Practice objective / multiple choice question 45 from the 2025 Gce Model Questions Vol1 Commerce examination.
An importer buys machinery priced at US\$45,000. The official exchange rate is \(\text{₦}460\) per US\$. The import is subject to a 20 % ad valorem customs duty on the CIF value and a 5 % surcharge on the duty amount. A 2 % discount on the total customs liability is granted if payment is made within 10 days. In addition, a handling fee of \(\text{₦}12{,}500\) is payable. What total amount in naira must the importer pay if the payment is made within the discount period?
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About This Question
This is Gce Model Questions Vol1 2025 Commerce Question 45. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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