Neco 2021 Commerce Question 50

A consumer bought a refrigerator for ₦240,000 with a 2‑year manufacturer's warranty covering repair of any defect. After 18 months the refrigerator stopped cooling. The manufacturer repaired it twice, each repair costing ₦12,000 in parts and labour, but the problem recurred each time. Under the Consumer Protection Act, the consumer may demand a replacement or a refund with interest if the product is not of satisfactory quality after reasonable attempts at repair. The consumer chooses a refund. The Act stipulates that the refund amount must be the purchase price less a reasonable depreciation of \(15\%\) per annum for the period the consumer had use of the product, and the refund must be paid within 30 days, accruing simple interest at the prevailing bank rate of \(10\%\) per annum from the date of refund to the date of payment. Calculate the total amount the consumer is entitled to receive, including interest, assuming the refund is paid exactly 45 days after the refund decision.