Neco 2025 Commerce Question 35
Practice objective / multiple choice question 35 from the 2025 Neco Commerce examination.
A borrower takes a 4‑year loan of \(\text{₦}1,000,000\). The bank charges \(8\%\) per annum for the first two years and \(10\%\) per annum for the remaining two years, with interest compounded annually. The borrower makes equal annual repayments at the end of each year. Calculate the amount of each annual repayment.
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About This Question
This is Neco 2025 Commerce Question 35. It is one of the objective questions from the 2025 Neco Commerce examination.
Difficulty level: Medium .
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