SmarterEd

Aussie Maths & Science Teachers: Save your time with SmarterEd

Financial Maths, STD2 EO-Bank 22

Tariq uses a buy now, pay later service to purchase headphones for $360.

He pays a $60 deposit upfront, with the remaining balance split into 4 equal fortnightly payments.

No interest is charged if all payments are made on time.

Tariq misses his final payment. He is charged a late fee of $12, plus a further $6 per week until the missed payment is made. Tariq pays the missed payment 3 weeks late.

  1. What is the amount of each fortnightly payment?   (1 mark)

  2. What is the total amount Tariq pays for the headphones?   (2 marks)

Show Answer Only

a.   \(\$75\)

b.   \(\$390\)

Show Worked Solution

a.    \(\text{Remaining balance} = \$360-\$60 = \$300\)

\(\text{Each payment} = \dfrac{\$300}{4} = \$75\)
 

b.    \(\text{Late fee} = \$12\)

\(\text{Weekly fees} = 3 \times \$6 = \$18\)

\(\text{Total} = \$60 + \$300 + \$12 + \$18 = \$390\)

Financial Maths, STD2 F1 2016 HSC 27a (Adapted)

Alice is researching insurance options before purchasing a car.

Explain what is covered under each of the following types of car insurance:

    • Compulsory third-party insurance (CTP)

    • Optional third-party property insurance.   (2 marks)

Show Answers Only

`text(CTP Insurance:)`

`text(This insures a driver against liability)`

`text(if their car injures or kills a person)`

`text(in an accident.)`

`text(Non-compulsory TP Insurance:)`

`text(This insurance covers damage to)`

`text(other people’s property in an accident,)`

`text(but does not cover the driver’s own vehicle.)`

Show Worked Solution

`text(CTP Insurance:)`

♦♦♦ Mean mark 13%.
MARKER’S COMMENT: Again, car insurance causes major issues for students.

`text(This insures a driver against liability)`

`text(if their car injures or kills a person)`

`text(in an accident.)`

`text(Non-compulsory TP Insurance:)`

`text(This insurance covers damage to)`

`text(other people’s property in an accident,)`

`text(but does not cover the driver’s own vehicle.)`

Financial Maths, STD2 F1 2018 HSC 15 MC (Adapted)

Adam was involved in a car accident, and after the investigation, he was found to be the driver at fault.

Which of the following is covered by Adam's compulsory third-party (CTP) insurance?

  1. Cost of repairing a building damaged in the accident
  2. Repairs to Adam's car
  3. Injury to the other driver
  4. Repair cost of the other driver's car
Show Answers Only

`C`

Show Worked Solution

`text(CTP insurance covers liability for death or injury)`

♦♦ Mean mark 34%.

`text(to other people, but does not cover property damage.)`

`=>C`

Financial Maths, STD2 F1 2019 HSC 6 MC (Adapted)

Darlene is 26 years old and has only been driving for a year. She purchased comprehensive motor vehicle insurance. The following excesses apply to claims for at-fault motor vehicle accidents.

- Basic excess of $850 for each claim
- An additional age excess of $1600 for drivers under 25 years of age
- An additional age excess of $400 for drivers 25 years of age or over with no more than 2 years driving experience

 
How much would Darlene be required to pay as excess if she made a claim as the driver at fault in a car accident?

  1. $850
  2. $850 + $400
  3. $850 + $1600
  4. $850 + $1600 + $400
Show Answers Only

`B`

Show Worked Solution

`text(Darlene’s excess = 850 + 400)`

`text{($1600 does not apply as Darlene is 26 years old.)}`

`text{($400 applies because she is 25 or older with limited driving experience.)}`

`=> B`

Financial Maths, STD2 F1 2019 HSC 29 (Adapted)

Part of a supermarket receipt is shown.

Determine the missing values, `A` and `B`, to complete the receipt.   (2 marks)

Show Answers Only

`$2.85`

Show Worked Solution

`text(Chocolate is the only item where GST applies.)`

`text(GST on chocolate = 0.70`

`=> text(C)text(ost of chocolate) = $7.00`
 

`:. A = 7.00 + 0.70 = $7.70`

`:. B` `= 35.25-(7.70 + 5.00 + 8.00+ 8.50 + 3.20)`
  `= $2.85`

Financial Maths, STD2 EO-Bank 34

Samantha buys a luxury boat with a market value of $78 000.

Stamp duty is calculated on the boat as follows:

  • 4% of market value up to $50 000
  • 6% of market value over $50 000

Calculate the amount of stamp duty payable by Samantha.   (2 marks)

Show Answers Only

`$3680`

Show Worked Solution
`text(Stamp Duty)` `= 4text(%) xx 50\ 000+6text(%) xx (78\ 000-50\ 000)`
  `= 4text(%) xx 50\ 000+6text(%) xx 28\ 000`
  `=$3680`

Financial Maths, STD1 F1 2021 HSC 12 (Adapted)

A karate school runs a holiday program and charges $150 per student.

The costs of running the program are:

Karate instructor: $110 per hour

Hall hire: $52 per hour plus 10% GST.

The program runs for two hours a day for five days.

What profit does the karate school make if 20 students pay for the program?   (3 marks)

Show Answers Only

`$1328`

Show Worked Solution

`text(Revenue) = 20 xx 150 = $3000`

`text(Cost per hour)= 110+(52 xx 1.1)= 110+57.20= $167.20`

`text(Total cost)= 2 xx 5 xx 167.20= $1672`

`:.\ text(Profit)= 3000-1672= $1328`

Financial Maths, STD2 EO-Bank 35

A laptop was on sale with a 30% discount.

As a student, Max received a further 15% off the already discounted price.

What was the overall percentage discount Max received?   (2 marks)

Show Answers Only

`text(40.5%)`

Show Worked Solution

`text{Solution 1 (efficient method)}`

`text(Overall discount)` `= 1-(0.70 xx 0.85)`
  `= 1-0.595`
  `= 0.405`
  `= 40.5text(%)`

 

`text(Solution 2)`

`text(Let the laptop cost) = $100`

`text(Cost after 30% discount) = $70`

`text(Cost after another 15% discount) = 70-(0.15 xx 70) = $59.50`

`:.\ text(Overall discount) = 100-59.50=40.5text(%)`

Financial Maths, STD2 F1 2024 HSC 8 MC (Adapted)

A bill for servicing a car is made up of:

  • $275 for parts, which includes 10% GST
  • $120 for labour, excluding GST.

The mechanic needs to add 10% GST onto the labour charge.

How much GST does the customer pay in total?

  1. $27.50
  2. $30.00
  3. $35.50
  4. $37.00
Show Answers Only

\(D\)

Show Worked Solution

\(\text{Let } X = \text{ parts cost ex-GST}\)

  \(X + X \times 0.1\) \(= 275\)
  \(1.1X\) \(= 275\)
  \(X\) \(= 250\)

 
\(\text{Total GST} = 0.1(250 + 120) = \$37.00\)

\(\Rightarrow D\)

♦ Mean mark 43%.

Financial Maths, STD2 F1 2023 HSC 6 MC (Adapted)

An item was purchased for a price of $660, including 10% GST.

What is the amount of GST included in the price?

  1. $6.00
  2. $6.60
  3. $60.00
  4. $66.00
Show Answers Only

`=> C`

Show Worked Solution

`text{Let}\ C =\ text{Original cost}`

`C + 0.1 × C` `= 660`
`1.1C` `= 660`
`C` `= 660 / 1.1`
  `= $600`

 
`:.\ \text{GST} = 660-600 = $60`

`=> C`

♦ Mean mark 4

Financial Maths, STD2 F1 2018 HSC 14 MC (Adapted)

To determine the retail price of an item, a shop owner increases the cost price by 25%. In a sale, the retail price is reduced by 25% to give the sale price.

How does the sale price compare to the cost price?

  1. The sale price is less than the cost price.
  2. The sale price is the same as the cost price.
  3. The sale price is more than the cost price.
  4. It is impossible to compare without knowing the cost price.
Show Answers Only

`text(A)`

Show Worked Solution

`text{Assume the item costs $100:}`

`=>\ \text{Retail price} = 100 × 1.25 = $125`

`=>\ \text{Sale price} = 125 × 0.75 = $93.75`

`:.\ \text{Sale price < Cost price}`

`=>\ \text{A}`

Financial Maths, STD2 F1 2007 HSC 6 MC (Adapted)

The price of a book is $33.00, which includes 10% GST.

What is the amount of GST included in this price?

  1. $2.75
  2. $3.00
  3. $3.50
  4. $30.00
Show Answers Only

`B`

Show Worked Solution

`text(Book costs $33.00 incl. GST)`

`text(Let)\ C = text(original cost)`

`C + 10\% × C` `= 33`
`1.1C` `= 33`
`C` `= 30`

 

`:.\text(GST)` `= 33.00-30.00`
  `= $3.00`

 
`=> B`