Financial Maths, STD1 EQ-Bank 14 MC

Sarah is single with no children and receives the maximum JobSeeker Payment of $793.60 per fortnight.

She earns $350 per fortnight from casual work. The JobSeeker Payment is reduced by 50 cents for each dollar earned over $150 per fortnight.

What is Sarah's reduced JobSeeker Payment this fortnight?

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$C$

Show Worked Solution

$\text{Maximum JobSeeker Payment (single, no children)} = $793.60$

$\text{Income over free area} = 350-150 = $200$

$\text{Reduction in payment} = 0.50\times 200 = $100$

$\therefore\ \text{Reduced JobSeeker Payment} = 793.60-100 = $693.60$

$\Rightarrow C$