Neco 2019 Commerce Question 32
Practice objective / multiple choice question 32 from the 2019 Neco Commerce examination.
A customer deposits \(\text{₦}150,000\) in a savings account that offers a nominal annual interest rate of 6% compounded quarterly. The bank charges a monthly maintenance fee of \(\text{₦}500\), deducted at the beginning of each month. After 2 years, what is the balance in the account (rounded to the nearest naira)?
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About This Question
This is Neco 2019 Commerce Question 32. It is one of the objective questions from the 2019 Neco Commerce examination.
Difficulty level: Medium .
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