Neco 2019 Islamic Religious Studies Question 20
Practice objective / multiple choice question 20 from the 2019 Neco Islamic Religious Studies examination.
A seller agrees to sell wheat under a bayʿ al‑salam contract for a total price of ₦120,000 payable after 12 months. The contract stipulates that the seller's profit must be exactly 20\% of the spot price of wheat at the time of the contract. (a) Determine the spot price of wheat at contract signing. (b) If the buyer pays the amount 2 months after the due date, a penalty of 5\% of the outstanding amount is charged per month, but the total penalty cannot exceed 10\% of the contract price. Calculate the total amount the buyer must pay, including penalty.
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About This Question
This is Neco 2019 Islamic Religious Studies Question 20. It is one of the objective questions from the 2019 Neco Islamic Religious Studies examination.
Difficulty level: Medium .
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