Neco 2022 Computer Studies Question 9
Practice objective / multiple choice question 9 from the 2022 Neco Computer Studies examination.
A loan of \(\text{₦}500{,}000\) is to be repaid with equal annual payments at the end of each year for 5 years. The total of all payments made is \(\text{₦}650{,}000\). Assuming a constant annual interest rate \(r\) (expressed as a decimal), determine \(r\) as a percentage rounded to two decimal places.
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About This Question
This is Neco 2022 Computer Studies Question 9. It is one of the objective questions from the 2022 Neco Computer Studies examination.
Difficulty level: Hard .
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