Neco 2021 Commerce Question 24
Practice objective / multiple choice question 24 from the 2021 Neco Commerce examination.
An importer purchases electronic gadgets with an invoice of €150,000. A 6\% discount is offered for payment within 30 days and an additional 3\% discount on the already discounted amount for payment within 10 days. After discounts, an import duty of 12\% and a VAT of 5\% (charged on the sum of the discounted invoice and duty) are applied. The exchange rate is €1 = ₦480 and the bank charges a commission of 2\% on the Naira amount converted. If payment is made within 10 days, what is the total Naira outflow (rounded to the nearest Naira)?
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About This Question
This is Neco 2021 Commerce Question 24. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Medium .
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