Neco Model Questions Vol1 2020 Commerce Question 25
Practice objective / multiple choice question 25 from the 2020 Neco Model Questions Vol1 Commerce examination.
A company issues a cheque of \(\text{₦}250,000\) to a supplier. The bank charges a processing fee of 0.6% of the cheque amount plus a fixed fee of \(\text{₦}1,200\). Because the company pays within 10 days, the supplier receives a 2% discount on the invoice amount (which equals the cheque amount). After the bank processes the cheque, the supplier's bank deducts a withholding tax of 5% on the amount after the discount but before the bank fees. What net amount does the supplier finally receive?
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About This Question
This is Neco Model Questions Vol1 2020 Commerce Question 25. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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