EXAM CORNERINTRO ACTIVITY 2023 Q15


Mary would like to buy a smart TV. The TV she wants to purchase is priced at €1,000. She has seen the following information on www.ccpc.ie.


Bank Loan Personal Loan €1,000 Repayments 12 months @ €87.24 Mary has decided to get the loan from the bank.


Calculate the interest and the total cost of the TV for Mary using the information provided above. How much will Mary pay for the television in total? 12 x €87.24 = €1,046.88 3m How much interest will Mary pay?


€1,046.88-€1,000 = €46.88 3m


Don’t round up calculations for savings or loans. The answer is money, so you should use two decimal places and always include the Euro (€) sign.


TOP TIP


CLASS ACTIVITYINTRO ACTIVITY Key Skill: Evaluate different financial products.


A. John would like to buy a new couch costing €1,500 for his home. He researched different options on CCPC.ie to help him decide which personal loan to choose. Option A


Option B Bank Loan 12 Monthly Repayments @ €139.40 Credit Union Loan 1-year loan with an interest rate of 8%.


1. Calculate the total cost of the loan for each option. 2. Calculate the total interest John would pay for each option. 3. Advise John on which option he should choose. Give one reason for your answer.


B. Georgina wants to buy a new car and needs to borrow €12,000 over 2 years to pay for it. She has used her Credit Union’s website to find the two loan options below:


Option A Weekly Repayments 104 weekly repayments of€135 Option B Monthly Repayments 24 monthly repayments of €590


1. Calculate the total cost of the loan for each option. 2. Calculate the total interest paid for each option.


3. Advise Georgina on which option she should choose. Give one reason for your answer.


52 2


STRAND 1


CHAPTER 5: Saving and borrowing for a household


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