A sports club has £5,600 to save and is comparing two accounts. Both accounts pay simple interest.
| Account | Annual interest rate | Term |
|---|---|---|
| A | 3.2% | 2 years |
| B | 3.5% | 18 months |
Calculate the closing balance in each account and the difference between the two closing balances.
75 exam-style questions on AQA GCSE Economics 2.1 Introduction to the national economy, covering 2.1.1a What an interest rate is, 2.1.1b Interest rates and consumer decisions, 2.1.1c Interest rates, producer decisions and calculations, 2.1.2a UK government revenue and spending, and 2.1.2b Direct, indirect and progressive taxation. Each one has a worked solution and a mark scheme showing where the marks go.