Question

i) £300 borrowed for 5 years at 8% p.a.
(ii) £1000 invested for 4 years at 9.5% p.a.
(iii) £50 borrowed for 2 years at 18% p.a.
(iv) £2500 invested for 6 months at 8.75% p.a. (T = 0.5 years)
(v) £45 000 borrowed for 2 weeks at 15.5% p.a.

2. What is the actual rate of interest if £4000 deposited for 3 years attracts interest of
£1440?
3. For how long would £500 have to be left in an account paying 4% interest p.a. to
give a balance of £600 ?
4. A school's rich benefactor wants to deposit a certain sum in an account paying
interest at 10.5% so that it will produce interest of £1200 per year, to pay for
scholarships. How much should she deposit?
5. A boy borrows £1.00 from his sister and promises to pay back £1.10 a week later.
What is this as an annual rate of interest?
6. For how long should a depositor leave a sum in a 6.25% p.a. savings account in
order to earn the same amount in interest, assuming the interest is withdrawn each
year?

Answer 1

Answer:

ii) p.a =380 answer his math