Post-UTME Mathematics 2015 Objective — Question 17
Question 17 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 N15,000 at 7% for 30 years.
- A. N99.81Correct
- B. N89.80
- C. N98.80
- D. N99.00
Explanation
Using the standard amortization formula for a 30-year loan at 7% on N15,000 gives approximately N99.81 per month.
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