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CONSUMER ARITHMETIC

 

Q.1.     Mary earns $12.50 per hour and time-and-a half for overtime. How much does she earn in a week where she works 40 hours at regular time plus 10 hours overtime?

 

Q.2.     Tom earns $640 per week. How much does he get if he gets his four weeks holiday pay with 17˝% loading?

 

Q.3.     Heidi earns $728 for a 40 hour week plus 8 hours overtime. If she is paid time-and-a-half for overtime what is her normal hourly rate of pay?

 

Q.4.     The Ripemoff department store used to sell walkmans for $80.00. The manager raised the price by 20% and then advertised “20% discount” on the new price. How much would a customer now pay for a walkman?

 

Q.5.     Stephanie bought a top for $49.50 which consists of the sale price plus 10% GST. What is the sale price?

 

Q.6.     Sophie placed $800 in a term deposit at the bank. If her money earned 6% simple interest for 3 years how much was her final bank balance?

 

Q.7.     Bob bought a T.V. for $5800 on time payment over 3 years at 10% simple interest.

(i)                  How much interest did Bob pay?

(ii)                What was the total amount Bob paid for the T.V.?

(iii)               What was the amount of Bob’s monthly repayments (to the nearest 5cents)?

 

Q.8.     Lisa earned $16.80 per hour for a 40 hour week. Tax of  $134.40 was deducted from her gross wage. Also 8% of her gross wage was paid into a special superannuation account.

(i)                  How much superannuation did Lisa pay for the week?

(ii)                How much did Lisa receive in her pay packet (to nearest 5 cents)?

 

Q.9.     (i)         Write down the formula for compound interest.

(ii)                Bert invested $1000 at 6% compound interest for 10 years. What was his investment worth at the end of this time?

(iii)               Simone invested $1000 at 7% simple interest for 10 years. What was her investment worth at the end of this time?

 

Q.10.   Becky was paid $2538 that consisted of 3 weeks pay plus a 17˝% holiday loading. What was Becky’s weekly rate of pay?

 

ANSWERS:

 

Q.1. $687.50   Q.2. $3008      Q.3. $728        Q.4. $76.80     Q.5. $45.00     Q.6. $944

Q.7. (i) $1740 (ii) $7540 (iii) $209.45  Q.8. (i) $53.76 (ii) $483.85

Q.9. (i) A = P ( 1 + r/100 )n where A = final amount P = principal r = rate %

n = number of compounding periods, usually years.       (ii) $1790.85 (iii) $1700 Q.10. $720