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					                       Student Loans                                                  Student Loans

Six students borrow £5000 to help pay for their university     Six students borrow £5000 to help pay for their university
course. Calculate how much each will have to pay back to       course. Calculate how much each will have to pay back to
the lender.                                                    the lender.

          Eugene                   Nung has to pay back                  Eugene                   Nung has to pay back
          agreed to pay            £490 per year for the                 agreed to pay            £490 per year for the
          back £95 a               next 12 years.                        back £95 a               next 12 years.
          month for five                                                 month for five
          years.                                                         years.



        Ted will pay                Rosie agreed to pay                Ted will pay                Rosie agreed to pay
        back the amount             back a lump sum of                 back the amount             back a lump sum of
        he borrowed plus            £4000 and 6                        he borrowed plus            £4000 and 6
        10% interest.               instalments of £200.               10% interest.               instalments of £200.




         Julie needs to             Clive pays £20 in the               Julie needs to             Clive pays £20 in the
         pay back £800              first month. Each month             pay back £800              first month. Each month
         this year, £900            after that he pays twice            this year, £900            after that he pays twice
         next year and              as much as the previous             next year and              as much as the previous
then continue paying                month until the total      then continue paying                month until the total
£100 more than the                  amount he has paid         £100 more than the                  amount he has paid
previous year for a total   back is at least equal to the      previous year for a total   back is at least equal to the
of six years.               amount he borrowed.                of six years.               amount he borrowed.
                          Answers



Eugene: 5 x 12 x £95 = £5700


Nung: 12 x £490 = £5880


Julie: £800 + £900 + £1000 + £1100 + £1200 + £1300 =
£6300


Ted: £5000 x 1.1 = £5500


Rosie: £4000 + 6 x £200 = £5200


Clive: £20 + £40 + £80 + £160 + £320 + £640 + £1280 +
£2560 = £5100

				
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