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Monday, January 07, 2013

An Eleven Plus Bill

There are changes coming to some eleven plus areas. Children and parents are going to be faced with unfamiliar questions.  An example for eleven plus children could be:

Many years ago men and women were placed in the Debtors Prison if they were unable to pay debts. By all accounts this was a grim and soul destroying. Suppose someone owes your mother and father £500 and is not required to pay for three months. Your parents, however, have to pay their own bill of £400. How will they raise the money?

Sell the family cat?
Sell the accumulated eleven plus books?
Have a garage sale?

There is an option that your parents could `sell the bill’. Your parents could be offered a percentage a little above the current bank rate – at 6%.

Your family only need the money for 50 days. Your parents want to borrow the full £500 – even though the only need £400. (Just to be safe)

£500 x 50 x 6
365 X 100

= £4.11

Your mother father are given, by the bank, £500 – £4.11 = £495.89.

Eleven Plus Question

Select the right answer:
A Yes – it is fair for a bank to charge interest
B No – 6% is too much interest to charge
C Partly – because banks need to make money
D Should we bring back the debtors prison?