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2.1 Introduction to the national economy

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Question 30

A printing business buys a new machine using the loan shown in Table 1.

Loan detailValue
Amount borrowed£9,600
Fixed interest rate5% per year
Length of loan2 years
Repayments during the loanNone

At the end of each year, the interest charged is added to the outstanding balance.

Calculate the amount the business must repay at the end of the loan.

[3]
Markscheme

2.1 Introduction to the national economy Questions

  1. GCSE
  2. /Economics
  3. /2.1 Introduction to the national economy

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.

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