A local museum keeps £24,000 of its restoration fund in a savings account. It is comparing an account paying 2.5% simple interest a year with one paying 3.75% simple interest a year.
Calculate how much more interest the museum would receive from the account paying 3.75% over 18 months.
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.