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A real estate agent's commission for selling houses is 3% for the first \(\$600\,000\) of the sale price and 1.8% for any amount over \(\$600\,000\).
Calculate the commission earned in selling a house for \(\$950\,000\). (2 marks)
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\(\$24\,300\)
\(\text{Commission on first}\ \$600\,000=3\%\times 600\,000=\$18\,000\)
\(\text{Amount over}\ \$600\,000= 950\,000- 600\,000=\$350\,000\)
\(\text{Commission on remainder}=1.8\%\times 350\,000=\$6300\)
\(\text{Total commission}= 18\,000+ 6300=\$24\,300\)
A coding bootcamp runs a school holiday course and charges $200 per student.
The costs of running the course are:
The course runs for 3 hours a day for 5 days.
What profit does the coding bootcamp make if 18 students pay for the course? (3 marks)
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\(\$660\)
\(\text{Total hours}=3\times 5=15\ \text{hours}\)
\(\text{Revenue}=18\times 200=\$3600\)
\(\text{Instructor cost}=15\times 130=\$1950\)
\(\text{Venue hire}=15\times 60=\$900\)
\(\text{GST on venue hire}=10\%\times 900=\$90\)
\(\text{Total venue hire}= 900+ 90=\$990\)
\(\text{Total costs}= 1950+ 990=\$2940\)
\(\text{Profit}= 3600- 2940=\$660\)
Harper has a weekly net income of $720. She has created a budget where she allocates this income to rent, food, phone, subscriptions and the rest to savings.
Her budget is shown below, with some details missing.
| Item | Weekly amount |
| Rent | $300 |
| Food | ? |
| Phone | $25 |
| Subscriptions | $35 |
| Savings | ? |
Harper allocates 25% of her weekly net income to food.
How many weeks will it take Harper to save $4860? (3 marks)
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\(\text{27 weeks}\)
\(\text{Food}=25\%\times 720=0.25\times 720=\$180\)
\(\text{Savings}= 720- 300- 180- 25- 35=\$180\)
\(\text{Weeks}=\dfrac{4860}{180}=27\ \text{weeks}\)
Jack works as a casual lifeguard and earns $30 per hour. He is also paid a $20 wet-weather allowance for each shift in which he works in the rain.
In one week, Jack worked three shifts of 5 hours each. It rained during two of these shifts.
How much did Jack earn in total this week? (2 marks)
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\(\$490\)
\(\text{Total hours}=3\times5=15\ \text{hours}\)
\(\text{Wages}=15\times 30=\$450\)
\(\text{Wet-weather allowances}=2\times 20=\$40\)
\(\text{Total earnings}=450+40=\$490\)
Emma earns $26 per hour as a barista at a cafe in Bondi. She is also paid a $15 meal allowance per shift.
How much will she earn from a 6-hour shift? (2 marks)
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\(\$171\)
\(\text{Wages}=6\times 26=\$156\)
\(\text{Total earnings}= 156+ 15=\$171\)
Sienna works a 40-hour week at a Bunnings warehouse and is paid at an hourly rate of $25. Any overtime hours worked are paid at time-and-a-half.
In a particular week, she earned $1450.
How many hours in total did Sienna work in this week to earn this amount?
\(C\)
\(\text{Normal pay}=40\times 25=\$1000\)
\(\text{Overtime pay earned}= 1450-1000=\$450\)
\(\text{Overtime rate}= 25\times1.5=\$37.50\ \text{per hour}\)
\(\text{Overtime hours}=\dfrac{450}{37.50}=12\ \text{hours}\)
\(\text{Total hours}=40+12=52\ \text{hours}\)
\(\Rightarrow C\)