Foundation November 2018 Paper 2 Q28
28. Ms Leighton arranged a £15 000 loan for 22 years to buy a canal boat.
After 22 years the loan is to be paid back in full together with compound interest at 3·4% per annum.
Ms Leighton did not plan to make any payments during the 22 years.
How much would Ms Leighton need to pay back after 22 years? [3]
| Scheme | Marks | Comments |
|---|---|---|
| \(15000 \times 1.034^{22}\) | M2 | M1 for indication of 15000 × 1.034 or equivalent |
| (= £) 31299(.91…) | A1 | Accept (£)31300 |
| (3) |