Post-UTME Mathematics 2015 Objective — Question 12
Question 12 of 40 from the Post-UTME Screening (Post-UTME) Mathematics 2015 Objective paper, with the correct answer and a full explanation.
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Determine correctly to the nearest kobo, the monthly instalment on a loan of N12,500 at 6% for 30 years.
- A. N74.95Correct
- B. N79.45
- C. N74.90
- D. N74.00
Explanation
Using the standard mortgage/amortization formula for a 30-year loan at 6% gives a monthly instalment of approximately N74.95.
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