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Q26: Question – Paper 3 – June 2019
Q26: Question – Paper 3 – June 2019
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Question
26)
Mia wants to borrow £6000 and repay it, with interest, after two years.
She sees two offers for loans.
Mia wants to borrow £6000 and repay it, with interest, after two years.
She sees two offers for loans.
Mia says,
“I will pay back the same amount because the average of 1% and 5% is 3%”
Is she correct?
You must show your working.
[3 marks]