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Calculate the overall amount of money he pays back at the end of the 3 years.
Mathematics 0580 · IGCSE · Money
Money — practice question
Tomas takes out a loan of $5000 for 3 years at 2.5% per year compound interest. He repays the full sum, including interest, at the end of the 3 years.
Worked solution & mark scheme
This 3-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Working: $5000 \times \left(1 + \frac{2.5}{100}\right)^{3}$” …
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