Neco 2017 Commerce Question 21
Practice objective / multiple choice question 21 from the 2017 Neco Commerce examination.
A motor insurance policy charges a base premium equal to \(12\%\) of the insured value of the vehicle. The insurer adds a loading of \(15\%\) of the base premium for administrative expenses, then applies a tax of \(5\%\) on the sum of the base premium and the loading. An early‑payment discount of \(2\%\) is offered on the total after tax. If the final premium paid by the policyholder is ₦45,600, determine the insured value of the vehicle (rounded to the nearest naira).
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About This Question
This is Neco 2017 Commerce Question 21. It is one of the objective questions from the 2017 Neco Commerce examination.
Difficulty level: Medium .
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