Waec Model Questions Vol1 2024 Commerce Question 31
Practice objective / multiple choice question 31 from the 2024 Waec Model Questions Vol1 Commerce examination.
Bank A offers a loan of ₦500,000 repayable over 3 years with a nominal annual interest rate of 12% compounded semi‑annually and an upfront processing fee of 2% of the loan amount. Bank B offers the same loan with an effective annual interest rate of 13% and no processing fee. Which bank results in the lower total cost to the borrower?
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About This Question
This is Waec Model Questions Vol1 2024 Commerce Question 31. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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