Neco 2018 Islamic Religious Studies Question 18
Practice objective / multiple choice question 18 from the 2018 Neco Islamic Religious Studies examination.
A merchant sells a commodity on a murabaha contract. The cost price is \(50{,}000\) Naira and the agreed profit margin is 20%, payable in 12 equal monthly installments. A customer instead considers a conventional loan of \(50{,}000\) Naira at 15% simple annual interest for the same 12‑month period. Which arrangement results in a higher total amount paid by the customer?
Answer Options
About This Question
This is Neco 2018 Islamic Religious Studies Question 18. It is one of the objective questions from the 2018 Neco Islamic Religious Studies examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.