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    1) Peggy pays £9.35 weekly interest on a loan of £550
    Ciara pays £8.93 weekly interest on a loan of £470
    Work out who pays the higher rate of interest and by how much.

    2)Aaliyah takes out a loan of £3600 to buy a new car.
    She pays £691.20 simple interest monthly for two years
    a. Work out the rate of interest
    b. Work out her total interest payment as a percentage of the original loan.

    Can someone please show me EXACTLY how to work this out?
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    (Original post by tay_lee)
    1) Peggy pays £9.35 weekly interest on a loan of £550
    Ciara pays £8.93 weekly interest on a loan of £470
    Work out who pays the higher rate of interest and by how much.

    2)Aaliyah takes out a loan of £3600 to buy a new car.
    She pays £691.20 simple interest monthly for two years
    a. Work out the rate of interest
    b. Work out her total interest payment as a percentage of the original loan.

    Can someone please show me EXACTLY how to work this out?
    1) What rate of interest does Peggy pay? How about Clara? Hence, which one pays more?
 
 
 

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