Neco Model Questions Vol1 2018 Commerce Question 40
Practice objective / multiple choice question 40 from the 2018 Neco Model Questions Vol1 Commerce examination.
A buyer opens an irrevocable documentary letter of credit for \(\text{₦}2,000,000\) payable at sight. The credit requires a commercial invoice, a bill of lading and an insurance policy. The seller presents the documents, but the bill of lading shows a different port, a discrepancy. The bank, after the buyer's consent, decides to honor the credit but deducts a penalty of 3 % of the credit amount and also charges a handling fee of 0.75 % of the amount it pays. What total amount will the seller receive?
Answer Options
About This Question
This is Neco Model Questions Vol1 2018 Commerce Question 40. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.