Waec Model Questions Vol1 2018 Commerce Question 33
Practice objective / multiple choice question 33 from the 2018 Waec Model Questions Vol1 Commerce examination.
A borrower takes a loan of ₦500 000 at a nominal annual interest rate of 12 % compounded monthly, to be repaid in equal monthly installments over 2 years. A processing fee of 2 % of the principal and an insurance premium of ₦5 000 are payable upfront. What is the amount of each monthly installment, rounded to the nearest naira?
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About This Question
This is Waec Model Questions Vol1 2018 Commerce Question 33. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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