Neco 2021 Commerce Question 40
Practice objective / multiple choice question 40 from the 2021 Neco Commerce examination.
An insurance company calculates the fire‑insurance premium for a building as 0.4\% of the insured value. Because the building is in a high‑risk area, a loading of 15\% is added. A policy tax of 5\% is then applied to the loaded premium. Finally, a 10\% early‑payment discount is given on the amount after tax. If the building is insured for ₦12,000,000, what is the amount the policy‑holder must pay?
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About This Question
This is Neco 2021 Commerce Question 40. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Medium .
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