Neco Model Questions Vol1 2024 Commerce Question 9
Practice objective / multiple choice question 9 from the 2024 Neco Model Questions Vol1 Commerce examination.
An importer in Nigeria purchases electronic goods costing US$250,000. The exchange rate at the time of purchase is ₦460 per US$. The import is subject to a \(5\%\) ad valorem tariff on the customs value (converted to Naira) and a \(0.5\%\) insurance premium on the CIF value (cost, insurance and freight) expressed in Naira. The seller offers a \(2\%\) cash discount if payment is made within 30 days; otherwise a \(3\%\) interest per annum is charged on the amount due, calculated on a 365‑day basis. The importer pays after 45 days. Compute the total amount in Naira that the importer must pay, rounded to the nearest naira.
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About This Question
This is Neco Model Questions Vol1 2024 Commerce Question 9. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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