Neco Model Questions Vol1 2024 Commerce Question 43
Practice objective / multiple choice question 43 from the 2024 Neco Model Questions Vol1 Commerce examination.
A consumer bought a refrigerator for ₦120 000 with a 2‑year manufacturer's warranty that covers repair costs. After 18 months the refrigerator failed. Under the Consumer Protection Act, if the consumer opts for a refund within the warranty period, the refund amount equals the purchase price minus straight‑line depreciation at 20 % per year of use. The retailer, however, insists on deducting a restocking fee of 5 % of the purchase price. Determine the amount the consumer is entitled to receive if he pursues a refund, and state whether the retailer's restocking fee is permissible under the Act.
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 43. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Hard .
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