Neco 2023 Commerce Question 25
Practice objective / multiple choice question 25 from the 2023 Neco Commerce examination.
An insurance company offers a motor‑insurance policy with a base premium of \(45{,}000\) naira. Because the driver is classified as high‑risk, a loading of 18% is added. A policy tax of 5% is then applied to the loaded premium. For early renewal the insurer gives a 10% discount on the tax amount. Compute the final premium payable by the policyholder.
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About This Question
This is Neco 2023 Commerce Question 25. It is one of the objective questions from the 2023 Neco Commerce examination.
Difficulty level: Medium .
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