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WAEC Agricultural Science 2011 Question 55

Question 55

Agricultural Finance

Which type of loan should a farmer obtain to start an oil palm plantation?

  1. A.Short-term loan
  2. B.Long-term loan
  3. C.Non-institutional loan
  4. D.Operational loan
Show the answer and explanation

Answer: B (Long-term loan)

Explanation

Oil palm takes years to start yielding, so it needs a long-term loan.