Post-UTME Mathematics 2015 Objective — Question 20
Question 20 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 N14,000 at 6 1/2% for 20 years.
- A. N104.38Correct
- B. N104.45
- C. N104.76
- D. N104.00
Explanation
Using the standard amortization formula for a 20-year loan at 6.5% on N14,000 gives approximately N104.38 per month.
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