Neco Model Questions Vol1 2019 Commerce Question 23
Practice objective / multiple choice question 23 from the 2019 Neco Model Questions Vol1 Commerce examination.
An entrepreneur supplies goods worth ₦850,000 to a client on credit. Payment is due 30 days after the invoice date. For each month the payment is delayed beyond the due date, interest of 2% per month is charged on the original amount, and a fixed penalty of ₦5,000 is added for each month delayed. The client pays ₦1,020,000 on the 75th day after the invoice. Determine (a) the number of whole months of delay, (b) the total interest charged, (c) the total penalty charged, and (d) the amount of the original invoice that remains unpaid (if any).
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About This Question
This is Neco Model Questions Vol1 2019 Commerce Question 23. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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