SECTION D: LOAN REPAYMENT

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The table below shows the monthly repayments, in pounds, for loans of different amounts and over different repayment periods.

Loan amount Repayment Period
12 months 24 months 36 months 48 months
£2500£230.79£126.72£91.97£76.29
£3000£276.86£152.08£110.32£89.88
£3250£299.90£164.74£119.48£96.69
£3500£322.93£177.39£128.67£103.51
£4000£369.02£202.71£147.01£119.82

Question

Isaac wants to buy a games console. He decides to borrow £ 2500 and to repay the loan over 24 months.

Write down the monthly repayment that Isaac will make.

£   

By finding the total repayments that Isaac makes to repay the loan, calculate the total interest which he will be charged.

£   

Express the total interest as a percentage of the amount borrowed.

%