Neco 2017 Commerce Question 12
Practice objective / multiple choice question 12 from the 2017 Neco Commerce examination.
A consumer buys a laptop on credit for \(\N200,000\). He pays a 20\% down‑payment and the balance is to be paid in four equal monthly instalments. After two months he discovers a mis‑representation and exercises his cooling‑off right, demanding a full refund. The seller agrees to refund the instalments already paid, plus interest at 2\% per month on the remaining balance for the two months the laptop was in his possession, and adds a statutory penalty of 10\% of the total contract price. Determine the total amount the consumer will receive as refund.
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About This Question
This is Neco 2017 Commerce Question 12. It is one of the objective questions from the 2017 Neco Commerce examination.
Difficulty level: Hard .
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