Neco Model Questions Vol1 2018 Commerce Question 37
Practice objective / multiple choice question 37 from the 2018 Neco Model Questions Vol1 Commerce examination.
An exporter draws a bill of exchange for \(\text{₦}500,000\) payable in 90 days. The buyer's bank discounts the bill at 12 % per annum and charges a commission of 0.5 % of the face value. After the commission is deducted, the bank also gives the exporter an early‑payment discount of 2 % on the remaining amount. What net amount does the exporter receive?
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About This Question
This is Neco Model Questions Vol1 2018 Commerce Question 37. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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