Maths with Graham
Getting a Bank Loan
Gap-fill exercise
Fill in all the missing numbers, then press "Check" to check your answers. Use the "Hint" button to get a free digit if an answer is giving you trouble. Note that you will lose points if you ask for hints or clues!
Here is a letter from the Cooperative Bank offering Mrs Givusabob a loan. Read it carefully and help her to understand it.
According to the loan representative example how much could I borrow? £
How long is 60 months?
years
How much would I have to pay back every month? £
How much would I pay back in total? £
How much interest would I pay altogether? £
If I take the loan out in January 2013 and make my first payment in February 2013, when will my last payment be?
uary 20
It is very complicated working out loan repayments. Lots of websites offer calculators to show you what your repayments will be. I have worked this loan out for you using a spreadsheet. It still does not work out exactly because the bank has rounded the interest rate to the nearest tenth of a percentage.
You can download a pdf of the spreadshhet here
. If you are good at IT you could
create your own spreadsheet following these instructions
.
Check
Hint
OK
Maths with Graham