Podcast
Questions and Answers
What is the formula for calculating the annual effective interest rate (AER)?
What is the formula for calculating the annual effective interest rate (AER)?
- AER = (1 + r)^n - 1
- AER = (1 - r/n)^n
- AER = (1 + r/n)^n - 1 (correct)
- AER = r * n
How is the annual percentage interest rate (APR) calculated?
How is the annual percentage interest rate (APR) calculated?
- APR = (p * n * r) / t (correct)
- APR = (p * r) / n
- APR = (p * r) / (1 - n)
- APR = ((r * n) / (p - 1)) / t
How should the values of 'r' and 'n' be expressed in the AER formula?
How should the values of 'r' and 'n' be expressed in the AER formula?
- As whole numbers
- As percentages
- As decimals (correct)
- As fractions
What will be issued to students in the examination regarding the formulae sheet?
What will be issued to students in the examination regarding the formulae sheet?
What is the purpose of the mathematical studies for personal finance according to AQA?
What is the purpose of the mathematical studies for personal finance according to AQA?
What is the assumed prerequisite for students studying Level 3 Certificate Mathematical Studies according to the subject content?
What is the assumed prerequisite for students studying Level 3 Certificate Mathematical Studies according to the subject content?
What is the aim of the Level 3 Certificate Mathematical Studies specification?
What is the aim of the Level 3 Certificate Mathematical Studies specification?
What is the expected outcome for students in relation to personal finance calculations in the Level 3 Certificate Mathematical Studies specification?
What is the expected outcome for students in relation to personal finance calculations in the Level 3 Certificate Mathematical Studies specification?
What is the nature of the mathematical content used in the Level 3 Certificate Mathematical Studies specification?
What is the nature of the mathematical content used in the Level 3 Certificate Mathematical Studies specification?
What is the role of GCSE mathematics in the Level 3 Certificate Mathematical Studies specification?
What is the role of GCSE mathematics in the Level 3 Certificate Mathematical Studies specification?
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