Consumer Arithmetic
Consumer Arithmetic
$ $
F = P(1 + i)n
Mathletics
Instant
Workbooks
Copyright ©
Consumer arithmetic
Student Book - Series K 2
Contents
Practice Tests
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
CHAPTER 1
Consumer arithmetic
Consumer arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Pages 1–2
UNIT
Topic 1 - Earning and saving 1: Earning and saving money
money
QUESTION 1
a Michelle works for 40 hours per week and b John works for 37 hours in a week and his
is paid $12.80 per hour. Find her weekly weekly wage is $582.75. Find his hourly
wage. rate of pay.
______________________________________ ______________________________________
______________________________________ ______________________________________
______________________________________ ______________________________________
______________________________________ ______________________________________
QUESTION 2
a Brent’s normal wage is $672 for a 40-hour week. He worked overtime and earned $873.60 in one
week.
i Find his normal hourly rate. ii How much extra did he get for overtime?
______________________________________ ______________________________________
______________________________________ ______________________________________
iii How many hours of overtime did he work if he was paid double time for the overtime worked?
______________________________________________________________________________________
b Sarah works for the Department of Taxation on an annual salary of $65 520. If she receives 17 21 %
holiday loading on the four weeks holiday pay period, calculate:
i her normal pay for four weeks. ii her holiday loading.
______________________________________ ______________________________________
______________________________________ ______________________________________
iii her holiday pay for the four weeks. iv If she saves 30% of her total holiday pay for
______________________________________ four weeks, how much is her savings?
______________________________________ ______________________________________
______________________________________ ______________________________________
______________________________________ ______________________________________
c Louise works as a dentist in a dental hospital and her yearly salary is $68 000. Her fortnightly
deductions include income tax $960, medicare levy $40 and union fee $5.50. Calculate her fort-
nightly take-home pay (net pay).
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
1
Consumer
Consumerarithmetic
arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Page 5
i $60 000 for 20 days at 5 21 % p.a. j $80 000 for 35 days at 6 34 % p.a.
______________________________________ ______________________________________
______________________________________ ______________________________________
QUESTION 2
a Find the interest rate if a principal of $2500 yields interest of $625 in 2 years.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
b An investment yielded $4500 interest in 4 years at 9% p.a. Find the principal invested.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
c $8500 was invested at 15% p.a. Find the number of years the money was invested if the total
interest earned was $3825.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
2 EXCEL ESSENTIAL SKILLS: YEAR 10 MATHS REVISION AND EXAM WORKBOOK 2 – EXTENSION
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
2
Consumer arithmetic
Consumer arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Pages 7–8
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
3
Consumer arithmetic
Consumer arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Page 8
QUESTION 1 Find the value of the following items after the given time.
a Car: Cost price $35 000; rate of depreciation 15% p.a.; time 7 years.
______________________________________________________________________________________
______________________________________________________________________________________
b Furniture: Cost price $20 000; rate of depreciation 12% p.a.; time 3 years.
______________________________________________________________________________________
______________________________________________________________________________________
c Television: Cost price $5 000; rate of depreciation 8% p.a.; time 4 years.
______________________________________________________________________________________
______________________________________________________________________________________
d Computer: Cost price $3 000; rate of depreciation 10% p.a.; time 2 years.
______________________________________________________________________________________
______________________________________________________________________________________
QUESTION 2
a A business buys new machinery for $80 000 that depreciates at the rate of 20% p.a. Calculate:
i its value after 3 years. ii the amount of depreciation.
______________________________________ ______________________________________
______________________________________ ______________________________________
b A truck depreciates in value by 20% every year. If its original value is $46 000, find its value after
4 years.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
4 EXCEL ESSENTIAL SKILLS: YEAR 10 MATHS REVISION AND EXAM WORKBOOK 2 – EXTENSION
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
4
Consumer
Consumerarithmetic
arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Pages 5, 7–8
UNIT 5: Interest,
Topic 5 - Interest, depreciation depreciation and problems
and problems
QUESTION 1
a Find the simple interest on $10 000 at 9 21 % p.a. for 3 years.
______________________________________________________________________________________
______________________________________________________________________________________
b Calculate the principal to be invested at 8% p.a. for 5 years to earn simple interest of $4800.
______________________________________________________________________________________
______________________________________________________________________________________
c At what rate should $15 000 be invested to earn simple interest of $3600 in 3 years?
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
d Calculate the total amount when $60 000 is invested at 9 21 % p.a. for 4 years if the interest is
compounded yearly.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
e At the start of 1995 a town had a population of 12 000. Since then the population has increased
annually by 5% of the existing population. Find its population at the start of the year 2000.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
f An airline company bought a jet for $5 000 000. If it depreciates at the rate of 15% per year, what
will be its value after 6 years?
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
g An industrial firm has machinery of the value of $800 000. Its value depreciates at the rate of 20%
per year. What will be its value at the end of 6 years?
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
5
Consumer
Consumerarithmetic
arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Pages 5–6
QUESTION 1 Nelly wanted to buy a car and approached a bank for a personal loan of $20 000. The
manager approved the loan at an interest rate of 8% p.a. She has to repay the loan in 5
years.
a What interest will Nelly pay during that period?
______________________________________________________________________________________
______________________________________________________________________________________
b What will be her monthly repayment?
______________________________________________________________________________________
______________________________________________________________________________________
QUESTION 2 Michael decided to buy a TV marked at $3000. He pays 20% deposit and the balance
over 3 years, with interest charged at 15% on the balance.
a Find the deposit paid. b Calculate the balance owing.
______________________________________ ______________________________________
______________________________________ ______________________________________
c Calculate the interest paid. d Find the total amount owed after the
deposit has been paid.
______________________________________ ______________________________________
______________________________________ ______________________________________
e What is the monthly repayment?
______________________________________________________________________________________
______________________________________________________________________________________
QUESTION 3 Chris wants to buy a boat and takes out a loan of $10 000 on which the interest rate
charged is 9.5% flat. There is also a loan protection fee of 30 cents for each $100
borrowed. The loan is repaid over 5 years in equal monthly instalments.
a Calculate the total amount to be repaid. b Find the amount of each monthly repayment.
______________________________________ ______________________________________
______________________________________ ______________________________________
2 Rn
c Given the formula E = , where R% is the flat rate of interest and n is the total number of equal
n+1
monthly instalments, calculate the effective interest rate E% on this loan.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
6 EXCEL ESSENTIAL SKILLS: YEAR 10 MATHS REVISION AND EXAM WORKBOOK 2 – EXTENSION
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
6
Consumer arithmetic
Consumer arithmetic EXCEL YEARS 9 & 10 INTERMEDIATE MATHS
Pages 5–6
QUESTION 1 Andrew buys a block of land for $300 000. He borrows 80% of the purchase price from
a credit union which charges 13.5% p.a. on the amount owing.
a Find the deposit paid.
______________________________________________________________________________________
b What is the amount of interest charged per year on the balance owing?
______________________________________________________________________________________
______________________________________________________________________________________
c If $2900 is paid per month, how much of the balance is paid during the first year (assume simple
interest)?
______________________________________________________________________________________
______________________________________________________________________________________
QUESTION 2 Yvette buys a house for $190 000, pays a deposit of $50 000, and then pays off the
balance at $850 per month for 25 years. Find:
a the total cost of the house. b the yearly interest paid.
______________________________________ ______________________________________
______________________________________ ______________________________________
______________________________________ ______________________________________
QUESTION 3 Kate buys a block of land for $150 000. She pays a deposit of $30 000 and borrows the
remainder from a bank. The repayments are $1350 per calendar month. The loan is
repaid after 10 years. In addition, she paid in cash the following charges; government
and other charges = $3000, solicitor’s fees = $1345.
a Calculate the amount repaid to the bank. b Find the total cost of purchasing the land.
______________________________________ ______________________________________
______________________________________ ______________________________________
______________________________________ ______________________________________
c Find the amount paid in excess of $150 000. Express this amount as a percentage of the
purchase price.
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Consumer arithmetic
Mathletics Instant Workbooks – Series K 2 Copyright © 3P Learning
7
Consumer arithmetic
TOPICTest
Topic TEST SECTION
PART A1
Consumer
Consumer
Instructions
arithmetic
arithmetic
This part consists of 10 multiple-choice questions
Each question is worth 1 mark
Attempt ALL1questions
Instructions for SECTION • You have 15 minutes to answer Section 1
Calculators are NOT to bequestion
• Each used is worth 1 mark
Fill in only ONE CIRCLE for ALL
• Attempt eachquestions
question
• Calculators are NOT to be used
Time allowed: 15 minutes • Fill in only ONE CIRCLE for each question Total marks = 10
Marks
Marks
1 6% of an amount is $300. The amount is
A $18 B $50 C $1800 D $5000 1
4
2 5
of $7.75 equals
3 300% of 5 is
A 15 B 10 C 10 D 2 5 1
4 40 empty cans weigh 1 kg and are sold for 25 cents. How many cans can be sold for
$100?
A 8000 B 12 000 C 16 000 D 20 000 1
5 One Australian dollar is equal to 210 Japanese yen. How many dollars are equal to
1700 yen?
A 12 cents B $80.95 C $8.10 D $12.35 1
7 A dealer sells an article for $25 and makes a profit of $5. His percentage profit is
A 15% B 20% C 25% D 30% 1
Consumer
TOPIC
Instructions
Instructions
Instructions
TEST
Consumer
for
forforSECTION
SECTION
SECTION arithmetic
Each question
122 ••• arithmetic
Attempt ALL questions
is worth 1 mark
You
Youhave
You have
have15 20
20minutes
minutes
minutesto to
toanswer
answer
answerSection
ALL
ALLof
of Section
Section
1 22 SECTION 1
TOPIC TESTCalculators1may••••••beEach Each
Eachquestion
question
questionis is
isworth
worth
worth122markmarks
marks
SECTION 1
Consumer Consumer
Instructions for SECTION
Time allowed: 20 minutes ••• Each
arithmetic arithmetic
Attempt
Attempt
You
used
Attempt
Calculators
Calculators
ALL
haveALLALL
question
Calculators
questions
questions
15 questions
minutes
may
may
are be
isNOT
to answer Section 1
be used
worthused
to 1bemarkused Total marks = 15
Consumer
TOPIC TEST
Consumer
Instructions for SECTIONQuestions arithmetic
1 •• You
• arithmetic
Attempt
Fill in ALL
only
have 15are
Calculators
ONE questions
CIRCLE
minutes
NOT to to be
for
answer
each question
used Section 1 Answers only
SECTION 1
Marks
•• Each Fill in question
only ONEisCIRCLE worth 1 for mark each question
Consumer
TOPIC
Instructions
111 6% Find
Find
TEST
an
Consumer
for
of John’s
John’s
SECTION
amount
weekly
weekly
arithmetic
is $300.
1
wageThe
wage
Questions
Questions
•• You
• Each
ifif he
arithmetic
Attempt
amount
haveALL
Calculators
he works
works for
15 questions
question
is
for
minutes to answer Section 1
are is worth
38NOT
38 hours
hours
1bemark
to at used
at the
the rate
rate
Answers
Answers
SECTION 1
Marks
Marks
Marks