Neco Model Questions Vol1 2023 Commerce Question 8

Practice objective / multiple choice question 8 from the 2023 Neco Model Questions Vol1 Commerce examination.

Neco Model Questions Vol1 2023 Commerce Objective / Multiple Choice Hard Difficulty
Question 8 NECO_MODEL_QUESTIONS_VOL1 • 2023 • COMMERCE • objective

A washing machine is advertised at ₦150,000. The store offers a 12\% seasonal discount, then adds a 5\% sales tax on the discounted price. The consumer pays the resulting amount. Later the consumer discovers a defect and, under consumer‑protection law, is entitled to a refund of the full purchase price plus a compensation equal to 15\% of the original advertised price. The store deducts a restocking fee of 8\% of the amount refunded (excluding the compensation). Determine the net amount the consumer receives after the refund and compensation, and state the percentage gain or loss relative to the amount actually paid.

Answer Options

Correct Answer A. Net amount received = ₦150,012; this is a gain of approximately 8.23\% over the amount paid
B. Net amount received = ₦148,800; this is a loss of approximately 1.20\% over the amount paid
C. Net amount received = ₦150,500; this is a gain of approximately 8.00\% over the amount paid
D. Net amount received = ₦151,200; this is a gain of approximately 9.45\% over the amount paid
Correct Answer
A
Correct Option:
Net amount received = ₦150,012; this is a gain of approximately 8.23\% over the amount paid

About This Question

This is Neco Model Questions Vol1 2023 Commerce Question 8. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Commerce examination.

Difficulty level: Hard .

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