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10 Sep 2021, 12:59
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A company offers pay day loans, the percentage of interest charged on them changes depending on the size of the loan. The first £500 is always interest free. 20% interest is charged on the next £1,500. A rate of 40% interest is charged on any further loan. Interest is calculated at the outset of the loan and then a regular payment is agreed with the customer. The minimum loan given is £800. A loan of £2,500 is paid back in 24 equal payments. How much is each payment?
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10 Sep 2021, 13:04
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Please provide answer choices as well as the source of this question. Thank you
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