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ScotlandApplications of MathematicsQuick questions
Finance
Quick questions on Loans, credit and APR - SQA Higher Applications of Maths
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A loan is charged per month and is repaid monthly. Find the balance after one payment. [2 marks]
What is q2?Show answer
A credit card charges per month. Find its effective annual rate. [2 marks]
What is q3?Show answer
Two loans cost the same per month but one runs for years and the other for years. Which is likely to cost more in total, and why? [2 marks]
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