How I scored 710 on Quantitive subset

[The-mayan-prophecy]

xxx

[SamilaDinuki]

very helpful, thanks.

[Big a]

thank u

[Jacqua]

thanx

[-Petrie-]

Much appreciated!

All the best with your application

[The-mayan-prophecy]

xxx

[aimeecalo]

Heya Guys quick pep talk needed on my behalf I think look at the below example :-

Example 1:
If the loan shark lends you £1000 at a fixed interest rate of 5% per year. What is the amount you own after 10 years?

'If the loan shark lends you £1000 at a fixed interest rate of 5% per year. What is the amount you own after 10 years?


So a rate of 5% is equivalent to 1.05, the amount owed after 10 years is 1000 x 1.0510 = £1629'

Thats not right surely?? Can anyone explain it to me??

[JamesM]

5% of £1000 = £50

Thus, £50 is the interest from one year, therefore, £50 x 10 =£500

The total to be paid back would therefore be £1500.

Not sure if this is correct, although this is what I would do in my head during UKCAT if I got that question.
Maths is NOT my strong point. lol

[aimeecalo]

thanks james thats what I was getting then I thought of compund interest but what has gone on there doesnt even add up if you do the calculation they got! Weird! thank you....have you sat the UKCAT yet? If so can I ask how much you got

Thanks
a not so confused aimee lol

[JamesM]

yeah, don't know how they came to that answer. Got mine tomorrow, will let you know how I do then! fingers crossed.