Neco Model Questions Vol1 2017 Commerce Question 32
Practice objective / multiple choice question 32 from the 2017 Neco Model Questions Vol1 Commerce examination.
An importer wants to bring 5,000 units of a product. The supplier quotes \(\$12\) per unit. The exchange rate is \(\text{₦}410\) per \(\$1\). If the importer pays within 30 days they receive a 2% discount on the supplier invoice. Freight and insurance cost \(\$1\) per unit. A tariff of 5% is levied on the CIF value, and the bank charges a 1.5% commission on the naira amount converted. What total amount in naira will the importer pay?
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About This Question
This is Neco Model Questions Vol1 2017 Commerce Question 32. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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