Wage & Salary
How many fortnights are in a year?
26
What is the simple interest formula
I=PRN
What is a profit?
Money earned or gained
How much is GST? (in %)
10%
A set amount of money to be paid to a worker each week no matter what.
Find the annual salary of a worker whose weekly pay is $332. Assume there are 52 weeks in a year.
$17264
What is the total interest to be paid on a 2-year $3000 loan at 17%p.a. flat interest?
$1020
Alan bought a bike for $500 and sold it for $268. How much money did he lose?
$232
What is a tax deduction?
A purchase that is needed for work and can be taken away from your gross income
What are two jobs that get commission?
Real estate agent
Car salesmen
Bianca's monthly salary is $5841.50. If Bianca gets paid fortnightly, calculate her fortnightly pay rate. Assume there are 52 weeks in a year.
$2696.08
What is the total amount to be paid to the bank if a $2000 loan was paid back over 2 years at 15%p.a of interest?
$2600
Luke bought a pokemon card for $127. If he sold it, making a profit of $136. What was the sale price of the item?
$263
A packet of chips is worth $4. Calculate the amount of GST charged.
$0.40
Sienna gets a 5% commission on every car that she sells. If she sells a car worth $40000, how much commission will she get?
$2000
Susan is considering two job offers
-Offer A pays $37 per hour
-Offer B pays an annual salary of $67290
How many hours each week would Susan need to work for Offer A to earn the same or higher than Offer B?
67290/52 then divide by 37
= 34.97 hours
Tara borrows $5000 at a rate of 4.5% p.a, compounding annually.
After 3 years, Tara repays the loan all at once. How much money does she pay back in total?
A=5000(1+4.5%)^3
=$5705.83
If an item was bought for $560 and sold at a discount for $484.
How much was the item discounted?
Is this a profit or loss?
Discounted by $76
It is a loss
Caitlyn works as a teacher. She earns a gross income of $70 000 p.a. If she were to purchase pens for $30, books for $200, and a laptop for $3000, what would her taxable income be?
$66770
Sienna gets a 5% commission on every car that she sells. If she sells a car worth $40000, how much commission will she get if she sells 5 cars?
$10000
Timmy wants to calculate what his new weekly income would be if his annual salary of $27000 increased by 2.5%.
Calculate the new annual salary
27000 x 2.5% = 675
27000 + 675 =$27675
Carl takes out a loan which accrues interest at a flat rate of 1.96% per quarter.
Whatis the equivalent yearly simple interest rate?
1.96% x 4 = 7.84%
John buys a used laptop for $391 and resells it for $554.
Write the amount of profit as a percentage of the cost price of the laptop.
554 - 391 = 163
163/391 x 100 = 42%
Caitlyn works as a teacher. She earns a gross income of $70 000 p.a. If she were to purchase pens for $30, books for $200, and a laptop for $3000, what would her taxable income be?
Then calculate her payable tax using the tax table
$13247.25
Frank gets paid a weekly retainer of $420. He also receives a 3.5% commission on every car he sells each month. If Frank sells 3 cars each month valued at $25 000, what would his yearly income be?
$53340