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O-LevelCommerceCredit7100/12 · May/June 2021 · Q291 Mark

A business applies for a bank loan of $10000 to be repaid in 12 monthly instalments. The amount of interest the bank will charge is 20%. How much money has to be repaid each month?

A$833.33

B$1000

C$8000

D$12000

✓ Correct answer

B: $1000

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About this question

Topic: Credit, O-Level Commerce (syllabus 7100). Multiple choice, 1 mark.
Source: O-Level Commerce, May/June 2021 Paper 1 Variant 2, question 29.

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