Neco 2021 Commerce Question 20
Practice objective / multiple choice question 20 from the 2021 Neco Commerce examination.
A bank offers a loan of ₦500,000 to be repaid in 5 equal annual installments. The nominal annual interest rate is 12 % compounded annually. A processing fee of 2 % of the loan amount is charged upfront and added to the loan balance. Calculate the amount of each annual installment (rounded to the nearest naira).
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About This Question
This is Neco 2021 Commerce Question 20. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Medium .
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