A business pays annual interest of £1812.50 on a bank loan of £155,500.
Which one of the following is the annual interest the business pays as a percentage of the amount borrowed?
Select ONE answer only:
- 5.17
- 4.17
- 3.17
- 2.17
- 1.17
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 5 – £1812.50 / £155,500 x 100 = 1.17%
This work is licensed under a Creative Commons Attribution 4.0 International License.
The Multiple Choice Questions Blog 