Numeracy Higher June 2018 Unit 1 Q2
2. Olga took out a high-interest loan for £400.
She paid back £49 per month for 20 months to clear the loan.
Calculate the total interest that Olga paid as a percentage of the original loan. [4]
| Scheme | Marks | Comments |
|---|---|---|
| 49 × 20 | M1 | |
| (= £) 980 | A1 | |
| % Interest \(\dfrac{980 - 400}{400}\) (×100) or \(\dfrac{980}{400}\) (×100) - 1(×100) | m1 | FT ‘their 980’ provided M1 previously awarded Award m1 for complete method to show what percentage 580 is of 400 |
| 145 (%) | A1 |