Neco Model Questions Vol1 2018 Commerce Question 30
Practice objective / multiple choice question 30 from the 2018 Neco Model Questions Vol1 Commerce examination.
An insurance company offers a motor‑insurance policy with a base premium of \(\text{₦}45,000\). The premium is increased by a loading factor of 12\% for high‑risk drivers and then a 5\% discount is applied for installing an anti‑theft device. If the policyholder chooses to pay the premium in 12 equal monthly installments, a surcharge of 2\% is added to the total premium after all adjustments. What is the amount of each monthly payment?
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About This Question
This is Neco Model Questions Vol1 2018 Commerce Question 30. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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