Question

Mr Ode has a car valued for 1000 naira what would the insurance be for the car cost if the charge is 5 naira for each 50 naira or part of 50 naira of the value of the car

Answer 1

1,000 * (5/50) = 1,000/10 = 100
(terribly expensive insurance)

Answer 2

Thanks

Answer 3

Expensive or not depends upon the value of a naira. Perhaps we should be buying naira and not gold.

Answer 4

I mean the 10% of value for premium.

Answer 5

As I remember, about 40 Nigerian naira / US dollar

Answer 6

N100.00