O-LevelMathematicsNumber4024/21 · May/June 2018 · Q26 Marks
Sami invests $2000 in an account paying compound interest at a rate of 1.8% per year. Calculate the total interest paid to Sami after 3 years.
- (a)Sami invests $2000 in an account paying compound interest at a rate of 1.8% per year. Calculate the total interest paid to Sami after 3 years.[3]
- (b)Theresa takes out a loan. She repays the loan over one year at a rate of $54 per month. The total she repays is 8% greater than the value of the original loan. Work out the value of the original loan.[3]
Mark scheme
Marking points from the official mark scheme (May/June 2018). The mark or mark type is shown in brackets.
- [3] 109.95 or 109.96
- [3] B2 for 2109.9(..) or 2110
- [3] or M2 for 2000 (1 + 1.8/100)³ - 2000 oe
- [3] or M1 for 2000 (1 + 1.8/100)³ oe
- [3] 600
- [3] M1 for 54 × 12 (=648)
- [3] or M1 for 54/1.08 (=50) oe
- [3] or M1 for (100+8)/100 x = their648 oe soi
- [3] or M1 for their50 × 12
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