Neco Model Questions Vol1 2022 Commerce Question 24
Practice objective / multiple choice question 24 from the 2022 Neco Model Questions Vol1 Commerce examination.
A borrower takes a loan with a face value of ₦1,200,000. The loan is discounted at 12 % per annum payable in advance, and a processing fee of 2 % of the loan amount is also charged. The loan is to be repaid in equal monthly installments over 2 years. What is the amount of each monthly installment?
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About This Question
This is Neco Model Questions Vol1 2022 Commerce Question 24. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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