Financial Maths Assignment - St Leonard's College
Financial Maths AssignmentName: …………………………………………………………………………..1. a. Complete the following savings account for the start of 2011 by calculating a, b, c, d and e.DateTransactionCreditDebitBalance1 JanOpening Balance$2300.004 JanSalary$756a13 JanWithdrawal chequeb$1730.004 FebDeposit Chequec$246020 FebSalary$950d2 MarPhone Bill$346.50eb. Using an interest rate of 2.5% per annum on the minimum monthly balance, find the amount of interest the savings account has earned for JanuaryFebruary2. Part of a bank statement for the month of October is shown below.DateTransactionDebitCreditBalance05 OctFunds transfer515.00788.8910 OctATM withdrawal200.00588.8917 OctSalary3786.004374.8925 OctCredit card payment4220.00154.8931 OctDividends678.54833.43a. What is the minimum balance in October? b. What is the balance in the account prior to 5th October?c. Calculate the interest earned based on the minimum balance for the month if the rate is 0.42% per month.Percentage Problems: Purchasing Goods1. Find the sale price of a sofa that normally retails for $4000 after a 20% discount.2. A shop keeper offers a discount of 12.5% on a digital camera should the customer pay cash. The camera normally retails for $1245. What is the discounted price if a customer is prepared to pay cash for the camera? 3. An electrical store wants to off load some of its older computers and discounts each computer by 25%. A customer buys one of the computers for $960. What was the price of the computer before the discount?4. A gymnasium has discounted its prices to attract more customers. The price of membership has changed from $1360 to $1000. What is the percentage discount to 1 decimal place? (Note percentage discounts are always based on the original price)5. A tennis racquet is reduced from $325 to $290 during a sale. a. What is the discount?b. What is the percentage discount to 1 decimal place?6. Mike is a happy man as he has bought a car for $75000 in an Anniversary sale. He received a 15% discount on the normal price. What was the price before the discount to the nearest dollar?GST stands for Goods and Services Tax and is levied by the government whenever good or services are sold. Some items are exempt from GST. GST is 10%. The customer normally pays GST on top of the price of the goods bought. The GST is then paid by the retailer to the government.7. A builder has supplied the bill shown below to the client. The bill also needs to include the GST which is added to the total and paid by the client to the builder. Find a and b to complete the invoice.Fred’s Building CompanyTax Invoice: date 14/03/11Materials supplied (paint, wood, cement etc)$1560.00Labour: 2 days at $550 per day$1100.00TotalaGST at 10%bTotal inclusive of GSTC8. Mary buys a new bicycle for $1450. GST of 10% is added to the sale price. What is the price of the bicycle after GST has been included?9. John pays $25.75 for a meal inclusive of GST. What is the price of the meal before GST has been added? Give your answer to the nearest cent.10. A retailer buys a bike for $450 and sells it for $770 inclusive of GST.a. Calculate the selling price of the bike before GST is added.b. Find the percentage profit that the retailer has made. Give the answer to 2 decimal places.Hire PurchaseHire Purchase is used when a customer is purchasing an item but does not pay the original sale price, instead choosing to pay a deposit and an agreed number of instalments. The total paid under hire purchase terms generally results in a greater overall price for the item than its original sale price. The extra amount paid is again called interest and is expressed as a percentage rate per annum. The advantage of paying under hire purchase terms is that the customer has the use of the item whilst still paying it off; the disadvantage is that often you will pay much more than the original price in the long term.1. Kim is purchasing a computer system, sales price $3500, under hire purchase terms. The terms are 10% deposit, 26 fortnightly instalments (payments) of $129. Find the:a. deposit paid.b. total Kim paid for the system.c. amount of interest paid.d. percentage rate of interest to 1 decimal place.2. Sean purchased a queen-size bed and sheet package, sales price $1350, under hire purchase terms: 20% deposit, 15% p.a. interest rate on balance owing, and 52 equal weekly instalments. Find a. the deposit amount.b. the total sum paid for bed package under the hire purchase terms.c. the amount of interest paid.d. the amount of each instalment.3. A diamond ring with a marked price of $2800 is offered to the purchaser on the following hire purchase terms: 20% deposit and the balance to be paid over 36 equal monthly payments of $90. Finda. the deposit that was paid.b. the balance owing after the deposit is paid.c. the total cost of the repayments.d. the interest charged over the period of the loan.e. the total cost of the ring when bought on hire purchase.f. The interest rate, assuming it is simple interest, charged on the loan. Give answer to 2 decimal places.4. Chris wishes to purchase a notebook computer. Its retail value is $3599. He cannot afford to buy it out right with cash so decides to use a hire purchase plan. The terms offered by the department store are 10% deposit with monthly instalments over 2 years at interest rate of 9.2% p.a. a. How much will Chris need to pay for the deposit?b. Calculate the interest charged.c. Calculate the monthly repayments.d. What is the total cost of the notebook?e. Calculate the effective rate of interest to 1 decimal place.5. Kath bought a second hand car on hire purchase terms of $45 per week repayments over two years. She paid a deposit of $500. The original price of the car was $4200. Finda. the interest that is paid.b. the flat rate of interestc. the effective rate of interest.6. If the flat rate of interest on an item purchased under terms of monthly repayments over 5 years is 7% per annum, find the effective rate of interest to 1 decimal place.__________________________________________________________________________________Solutions: 1a. $3056b. $1326c. $730d. $3410e. $3063.50i. $3.60ii $3.602a. $154.89b.$273.89c. $0.651. $32002. $1089.383. $12804. 26.5%5a $35b. 10.8%6. $882357a. $2660b. $266c. $29268. $15959. $23.41 10a. $700 b. 55.56%1a. $350b. $3704c. $204d. 6.5%2a. $270b. $162c. $23.88d. $15123a. $560b. $2240c. $3240d. $1000e. $3800f. 14.88%4a. $359.90b. $595.99c. $159.80d.$ 4194.99e. 17.7%5a. $980b. 13.24%c. 26.23%6. 13.8% ................
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