; . CHAPTER 5 Financial mathematics © iupssmeams UNIT 1: Simple interest (1) vere QuéstiON 4 Find the simple interest for each of the following situations. $8000 at 10% pa. for 3 years b $1500 at 9% p.a. for 6 years © $12500 at 7% pa. for S years $6000 at 12% p.a. for 6 months © $30600 at 8% p.a. for 3 months £ $5000 at 10.5% p.a. for 3 years g $8800 for 7 years at 7.5% bh $72000 for 8 years at 8.25% p.a Question 2 Use the simple interest formula I= PRN to complete this table Interest Principal Rate Period a $6500 715% 10 b $3300 8.25% 8 € $2864 $8950 6.4% a $5437.50 $12000 e $6196.50 $4860 15 QuesiON 3 $8000 is invested at 7% pa. simple interest for 5 years. Find: a the total amount of interest earned the total value of the investment at the end of 5 years. 40 Excel ESSENTIAL SKILLS Year 9 Mathematics Revision & Exam Werkoook ‘© Pascal Prose ISBN 978 1 74125 2712 Excel Essontl Skills Mathematics Revision & Exam Workbook Year 9Financial mathematics Oise UNIT 2: Simple interest (2) Quésilon 4 Bind the simple interest for each of the following. ‘a $1500 at 8% p.a. for | year b $5000 at 7% pa. for $ years © $8000 at 9% p.a. for 10 years $3600 at 15% p.a. for 6 months 1 © $10500 at 83% p.a. for 3 months £ $2500 at 12.25% pa. for 3 years Question 2 Find the length of time for: a $500 to be the interest on $1800 at 6% p.a b $850 to be the interest on $2400 at 8% pa Quesion 3. Bind the rate percent per annum for: a $1500 to be the interest on $5400 for S years b_ $900 to be the interest on $2700 for 2 years. Question 4 Find the principal required for athe simple interest to be $900 on an amount b_ the simple interest to be $250 on an amount invested for 2 years at 10% p.a. invested for I year at 9% pa. ler 5: Financial mathematics a ‘© Pascal Pross ISBN 978 1 74125 2712 Excel Essontl Sls Mathematics Revision & Exam Workbook Year 9Financial mathematics © iupssmeams UNIT 3: Applying the simple interest formula Question 1 Find the length of time for: a $800 to be the simple interest eared on $2700 b $1250 to be the simple interest eared on $4500 invested at 5% pa invested at 7% pa QuésHioN 2 Find the rate as per cent per annuun for $1800 to be the simple interest eared on $3000 0 be the simple interest earned on 36900 invested for 4 years $10000 invested for 3 years Question 3 Find the principal required for a The simple interest earned to be $800 on an 1b The simple interest earned to be $1220 on an amount invested for 3 years at 6% p.a amount invested for 2 years at 8% pa. QUESTION 4 Use the simple interest formula = PRN to complete this table Interest Principal Rate a ‘$8000 6.25% 6 b $5224 10.5% 7 © $10000 84% 8 a $8900 20000 10 e $12500 $28000 978% Question 5 Jill cannot decide which is the better investment for her $15 000. a Byears at 2.5% pa, b 18 months at 6% pa. © 50 weeks at 2% p.a, (52 weeks = 1 year) d 2years at 2% per quarter. © Which of the above investments generates the greatest simple interest per annum? 42 Excel ESSENTIAL SKILLS Year 9 Mathematics Revision & Exam Werkoook ‘© Pascal Pross ISBN 978 1 74125 2712 Excel Essontl Skills Mathematics Revision & Exam Workbook Year 9Financial mathematics Oise UNIT mes Hire purchase Question 1A motor car advertised for $6990 is sold under the following terms: 40% deposit and the balance repaid over 5 years at $32 per week. (52 weeks = 1 year) a Calculate the deposit required b Find the amount paid as interest. QUESION Z Kate buys a boat listed at $8500 for 10% deposit and repayments over 2 years at 11% pa. on the balance. a Calculate the total cost. b_ Find the monthly repayment, Question 3 Mariam decides to buy a sterco marked at $600. She pays 20% deposit and the balance over two years, with interest charged at 15% p.a. on the balance. a Find the deposit paid b Calcula c the balance owing. © Calculate the interest paid. Find the total amount of the instalments to be repaid. What is the monthly repayment? Question 4 Jean buys a house for $190000, pays a deposit of $50000, and then pays off the balance at $850 per month for 25 years. Find: ‘athe total cost of the home the average yearly interest paid, ler 5: Financial mathematics 43 ‘© Pascal Pross ISBN 978 1 74125 2712 Excel Essontl Sls Mathematics Revision & Exam Workbook Year 9Financial mathematics Excel Watunazes Sit use ea 0 Unit 5: Problem solving and percentages 4. The price of a stereo is $1200, There is a discount of 30%, How much is the discount? 2 Out of 630 students, 80% can swim. How many of the students can swim? 3 Out of 120 students, 65% went to camp. How many students Went to the camp? 4 Clare obtained 90 out of 120 marks in a mathematics test, What percentage was this? 5 Decrease $100 by 10% and then increase this result by 10%. 6 If 35% of anumber is 70, find the number. 7 Ina class of 30 students, 20% are absent, How many are present? 8 42 out of 70 students play tennis. What percentage play tennis? 9 A blanket that cost a retailer $56.50 sells for $110. ‘What percentage profit is made? 410 Michael bought a second-hand car for $8000 and spent $2300 repairing it. If he sold the car for $15600, find his gain as a percentage of the total cost price (including cost of repairs). 11 What isthe cost ofa pai of shoes whose full price is marked at $299.50, ifa discount of 15z% is allowed? 42 A tiler makes a mixture for a bathroom floor with 5 blue tiles and 4 grey tiles to each white tile. Express the composition of the floor as percentages. Also find the number of blue tiles used in a floor of 1690 tiles. © 44 Excel ESSENTIAL SKILLS Year 9 Mathematics Revision & Exam Werkoook ‘© Pascal Pross ISBN 978 1 74125 2712 Excel Essontl Skills Mathematics Revision & Exam Workbook Year 9