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2.8 The role of money and financial markets

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Question 19

A household needs to borrow £8,500 for one year to pay for solar panels. One lender offers a loan at 9.2% a year and another lender offers a loan at 7.4% a year. On both loans, interest is charged only on the amount borrowed.

How much less interest would the household pay over the year by choosing the cheaper loan?

[1]
A

£1,530

B

£629

C

£153

D

£782

Markscheme

2.8 The role of money and financial markets Questions

  1. GCSE
  2. /Economics
  3. /2.8 The role of money and financial markets

82 exam-style questions on OCR GCSE Economics 2.8 The role of money and financial markets, covering 2.8.1 Money as a medium of exchange, 2.8.2 Role of the financial sector, 2.8.3 Importance of the financial sector, 2.8.4 Interest rates and saving, borrowing, investment, and 2.8.5 Effect of interest rate changes. Each one has a worked solution and a mark scheme showing where the marks go.

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