Waec Model Questions Vol1 2018 Commerce Question 41
Practice objective / multiple choice question 41 from the 2018 Waec Model Questions Vol1 Commerce examination.
A businessman obtains a loan of ₦800,000 from a bank. The loan carries simple interest at 15% per annum for 3 years. The bank also imposes a processing fee equal to 1.5% of the principal, payable at the start. If the businessman decides to repay the loan after 2 years and 4 months, the bank offers a discount of 12% on the interest that would have accrued for the remaining 8 months. Determine the total amount the businessman must pay at the time of repayment.
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About This Question
This is Waec Model Questions Vol1 2018 Commerce Question 41. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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