Neco 2024 Commerce Question 49
Practice objective / multiple choice question 49 from the 2024 Neco Commerce examination.
A bank offers a loan of ₦2,000,000 with a nominal annual interest rate of 10% compounded monthly and an upfront processing fee of 2% of the loan amount. The loan is to be repaid in equal monthly instalments over 4 years. Taking the processing fee into account, calculate the effective annual percentage rate (APR) that the borrower actually pays. Give your answer as a percentage rounded to two decimal places.
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About This Question
This is Neco 2024 Commerce Question 49. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Medium .
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