Year 11 General Maths - Financial Arithmetic

The price of a train ticket to Adelaide is reduced from $260 to $195 in a sale. The percentage discount which has been applied is closest to:

• 33%

• 64%

• 25%

• 75%

• 43%

The original price of an item which is priced at $2.80 after having been marked down by 20% is closest to:

• $3.50

• $2.24

• $3.36

• $2.33

• $2.86

The simple interest payable on an initial investment of $12 000 invested at 4.5% per annum for four years is closest to:

• $540

• $620

• $1800

• $2160

• $2310

Simple interest at a rate of 5% per annum is paid on an investment of $2000. The term of the investment is chosen so that the total interest earned will be at least $375. The minimum term for this investment, to the nearest month, is:

• 36 months

• 40 months

• 42 months

• 45 months

• 48 months

The compound interest, to the nearest dollar, on $1000 over a period of four years at an interest rate of 5.3% compounded annually is:

• $212

• $229

• $232

• $530

• $1229

The amount which should be invested at 6% per annum simple interest, if you require $20 000 in 30 months time, is closest to:

• $7100

• $17 300

• $17 400

• $17 700

• $18 200

A new car cost $34 800 three years ago. The book value of the car has depreciated at a reducing balance rate of 25%, 20% and 10% respectively each year since then.

The current book value of the car, to the nearest dollar, is:

• $18 792

• $19 140

• $15 660

• $17 818

• $25 369

The amount of money which should be invested at 3.5% per annum compound interest, compounding monthly, if you require $35 000 in three years time, is closest to

• $29 886

• $30 000

• $31 325

• $31 674

• $31 516

A video camera advertised for $1499 can be bought under the following hire–purchase agreement. No deposit is charged but the loan must be paid off monthly over a period of two years. Interest is charged at a flat rate of 13.5% per annum. The monthly repayment is closest to:

• $16.86

• $32.80

• $65.00

• $79.32

• $80.46

A company car was purchased for $52 000. If its value depreciates at the rate of 15% per annum reducing balance, then its book value after 4 years is closest to:

• $20 800

• $24 856

• $27 144

• $31 560

• $44 200