saving money activities
People can only save money when they have greater income than expenditure.
You may need a calculator to answer the following questions:
You put £10 per month into a savings account.
question
answer
How much money will you have saved by the end of 12 months, excluding any interest that is added?
£
120.00
If you leave that amount of money in the account for another year how much interest will be added to it by the bank or building society? This will depend on the interest rate. Use the following chart to help you:
If the interest rate per year is:
Amount to be added
1%
£
1.20
2%
£
2.40
3%
£
3.60
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