Neco 2022 Commerce Question 46
Practice objective / multiple choice question 46 from the 2022 Neco Commerce examination.
A borrower wants to obtain a loan that will be repaid in equal monthly instalments over 3 years. The bank charges a nominal rate of 12% per annum convertible monthly for loan amounts up to \(\text{₦}500,000\). For any amount above \(\text{₦}500,000\) the nominal rate becomes 14% per annum convertible monthly. The borrower can afford a maximum monthly payment of \(\text{₦}15,000\). What is the greatest loan amount the borrower can obtain (in naira, rounded down to the nearest naira)?
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About This Question
This is Neco 2022 Commerce Question 46. It is one of the objective questions from the 2022 Neco Commerce examination.
Difficulty level: Medium .
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