Neco Model Questions Vol1 2024 Commerce Question 35
Practice objective / multiple choice question 35 from the 2024 Neco Model Questions Vol1 Commerce examination.
A motor‑insurance policy is priced as follows: the base premium is 5 % of the insured value; a loading of 20 % is added for drivers under 25 years; a no‑claim discount of 15 % is applied to the premium after loading if the driver had no claims in the previous year; finally, a tax of 2.5 % is levied on the premium after discount. For a driver aged 23 with an insured value of \(\text{₦}2,500,000\) who had no previous claims, calculate the final premium payable, rounded to the nearest naira.
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 35. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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