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JAMB Commerce 2004 Question 41

Question 41

Co-operative Societies

Loan schemes by thrift societies are

  1. A.mortgage schemes
  2. B.conventional schemes
  3. C.mutual schemes
  4. D.unconventional schemes
Show the answer and explanation

Answer: C (mutual schemes)

Explanation

Thrift societies pool members' savings and lend to members in turn, so their loans are mutual schemes.