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To solve the problem of how much money Bradley will owe after 12 years, we need to apply the formula for compound interest:

\[
A = P \left(1 + \frac{r}{100}\right)^t
\]

Where:
- \(A\) is the amount of money owed after interest,
- \(P\) is the principal (the initial loan, £700),
- \(r\) is the annual interest rate (24%),
- \(t\) is the time the loan is left to accumulate interest (12 years).

### Step-by-step:

1. **Substitute the values into the formula**:
   \[
   A = 700 \left(1 + \frac{24}{100}\right)^{12}
   \]
   This simplifies to:
   \[
   A = 700 \times \left(1.24\right)^{12}
   \]

2. **Calculate**:
   \[
   A = 700 \times (1.24)^{12}
   \]

3. Using a calculator, compute \( (1.24)^{12} \approx 12.1317 \).

4. Multiply by the initial loan amount:
   \[
   A = 700 \times 12.1317 \approx 8492.19
   \]

### Final Answer:
Bradley will owe approximately **£8492.19** after 12 years.

Would you like further details or have any questions about the steps?

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Here are 5 related questions you might find helpful:
1. What is the difference between simple and compound interest?
2. How does increasing the interest rate affect the total amount owed?
3. What would the amount be after 10 years instead of 12 years?
4. How can compound interest be applied to investments instead of loans?
5. How would monthly compounding (instead of yearly) change the outcome?

**Tip**: In compound interest problems, the interest is applied not only to the initial principal but also to the accumulated interest, which is why it grows faster than simple interest.

Bradley takes out a loan of £700. It gains compound interest at a rate of 24% per year. How much money will Bradley owe after 12 years? Give your answer in pounds (£) to the nearest 1p.

Learn how to calculate the total amount Bradley will owe after taking a £700 loan at 24% compound interest over 12 years. This compound interest problem explains key mathematical concepts and provides a detailed step-by-step solution, suitable for Grades 9-12.

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