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3.6 Monetary policy

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Question 50

After paying the interest on a £14,000 loan at 4% a year, a household has £900 a year left to spend on things it chooses, such as meals out and holidays. The interest rate on the loan rises to 5.5%. Assume the full £14,000 is owed for the whole year and the household changes nothing else in its budget.

How much would the household have left to spend on these things after the rise?

[1]
A

£130

B

£690

C

£1,110

D

£900

Markscheme

3.6 Monetary policy Questions

  1. GCSE
  2. /Economics
  3. /3.6 Monetary policy

116 exam-style questions on OCR GCSE Economics 3.6 Monetary policy, covering 3.6.1 What is monetary policy, 3.6.2 Monetary policy and macro objectives, and 3.6.3 Effects of monetary policy. Each one has a worked solution and a mark scheme showing where the marks go.

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