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?
Borrow?
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?
