Hi Lauren,

So a) first:

In 3 years there are a total of 12x3=36 months

And 36x5.35=£192.60

Then b):

The formula for simple interest is

P(1+rt/100) where P is the principle (which we can think of as how much we started with), r is the interest rate (think r for rate!) and t is the length of time (in years)

So that’s 2000(1+3x3/100)=2000(1.09)

=2180

Meaning we gained £180 from scheme b)

Hence sc... more

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Fraser Clark
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null students helped

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2 years ago


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