Numeracy Intermediate June 2025 Unit 1 Q8
8. Nadya borrowed £500 from a loan company.
The loan company told her that she would pay more than 100% interest.
Nadya paid off the loan and interest completely by paying back £55 each month for 2 years.
What percentage interest did Nadya actually pay?
You must show all your working. [4]
| Scheme | Marks | Comments |
|---|---|---|
| (Repayment) 55 × 24 | M1 | Must be as a complete unspoilt method |
| (£) 1320 | A1 | |
| (% Interest) \(\dfrac{1320 - 500}{500}\) (×100) or \(\dfrac{820}{500}\) (×100) or \(\dfrac{1320}{500}\) (×100) – 1(×100) | M1 | FT ‘their repayment’ provided from a calculation including 55 × 24 Award M1 for complete method to show what percentage 820 is of 500 |
| 164 (%) | A1 | Mark final answer On FT ‘their %’ > 100, allow rounded or truncated so that it is accurate to a whole number If final M0A0, award SC1 for a final percentage of 264(%) from \(\tfrac{1320}{500}\) × 100, or equivalent from 100 × ‘their repayment’ ÷ 500 with required accuracy |