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Jan 052013

Many people on a low income are not able to open a bank account. If they need to borrow money they can be offered loans with massive rates of interest. This exercise looks at how to calculate interest rates and compares different ways of borrowing money.

The video mentions two businesses in particular. and Quick Quid both charge interest rates in excess of 2000%. Do you know of higher rates of interest? Please comment below to name and shame the loan sharks!

The same exercise is here in worksheet format.