A business pays annual interest of £812.50 on a bank loan of £15,500.
Which one of the following is the annual interest the business pays as a percentage of the amount borrowed?
Select ONE answer only:
- 0.052
- 0.52
- 5.2
- 52
- 520
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This is multiple choice question is suitable for Business Studies KS4 classes.
The answer is 3 – £812.50 / £15,500 x 100 = 5.2%
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