Neco 2018 Commerce Question 22
Practice objective / multiple choice question 22 from the 2018 Neco Commerce examination.
A wholesaler issues an invoice for 150 units at a unit price of ₦8,500. The invoice includes a trade discount of \\(12\\%\\) on the total, a cash discount of \\(3\\%\\) on the balance if paid within 10 days, and VAT of \\(7.5\\%\\) applied after discounts. If payment is delayed beyond 30 days, a surcharge of \\(2\\%\\) is added to the amount after VAT. Compute (a) the amount payable if the invoice is settled within 10 days, (b) the amount payable if settled after 30 days, and (c) the percentage increase from the early payment amount to the late payment amount. Give answers rounded to the nearest naira and percentage to two decimal places.
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About This Question
This is Neco 2018 Commerce Question 22. It is one of the objective questions from the 2018 Neco Commerce examination.
Difficulty level: Hard .
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