You may use a calculator for the questions in this quiz.

1) I place £500 into a bank account that pays 6% simple interest per year.

a) How much interest would I get after one year?

b) How much interest would I have after 3 years?

c) How much interest would I have after 6 years?

d) How much money would I have in my bank account after 4 years?

2) I borrow £2,000 from a bank to buy a car. I pay a simple interest of 12% per year. I never pay any of the loan off.

a) How much interest would I have to pay after 5 years?

b) How much would my debt be after 3 years?

c) How much would my debt be after 10 years?

1) I place £500 into a bank account that pays 6% simple interest per year.

a) How much interest would I get after one year?

b) How much interest would I have after 3 years?

c) How much interest would I have after 6 years?

d) How much money would I have in my bank account after 4 years?

2) I borrow £2,000 from a bank to buy a car. I pay a simple interest of 12% per year. I never pay any of the loan off.

a) How much interest would I have to pay after 5 years?

b) How much would my debt be after 3 years?

c) How much would my debt be after 10 years?