# Banking and Finance

### Description

Working with financial information and percentages
Quiz by Stanley Cox, updated more than 1 year ago
 Created by Stanley Cox over 8 years ago
129
1

## Resource summary

### Question 1

Question
A bank customer earns £23,500 per year, and has £10,000 saved up for a deposit on new flat Sean has seen a flat for sale for £55,000. The customer received a letter from his bank about taking out a mortgage. Can the customer buy the flat under the banks conditions?
Answer
• Yes , the customer can buy the flat
• No, the customer will not be able to purchase the flat

### Question 2

Question
A bank customer earns £23,500 per year, and has £10,000 saved up for a deposit on new flat Sean has seen a flat for sale for £55,000. The customer received a letter from his bank about taking out a mortgage. The customer decides to talk to another bank who will lend 2.5 times the customer salary, providing the customer pays 15% of the value of the property as a deposit. Will the customer be able to afford the flat?
Answer
• Yes, the customer will be able to afford the mortgage.
• No, the customer can't afford the mortgage.

### Question 3

Question
An employee earns £16,000 a year, how much tax will the employee have to pay?
Answer
• 8000
• 1705
• 3410

### Question 4

Question
Just before the employee starts work, the rules for paying change income tax change (see tutor) How much less income tax will the employee have to pay each year?
Answer
• 50.00
• 100.00
• 126.00
• 150.00

### Question 5

Question
A customer takes out a loan to buy a car for £6750. The customer wants to pay it back in full, including the interest, in 12 equal monthly instalments. How much will the customer have to pay each month, to the nearest penny?
Answer
• £646.87
• £646.88
• £650.00

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