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v1 Financial Maths, STD2 F1 2005 HSC 25a

Reece is preparing his annual budget for 2006.

His expected income is:

• $90 every week as a swimming coach
• Interest earned from an investment of $4500 at a rate of 4% per annum.

His planned expenses are:

• $30 every week on transport
• $12 every week on lunches
• $48 every month on entertainment.

Reece will save his remaining income. He uses the spreadsheet below for his budget.
 

2UG-2005-25a
 

  1. Determine the values of ,  and . (Assume there are exactly 52 weeks in a year.)  (3 marks)

At the beginning of 2006, Reece starts saving.

  1. Will Reece have saved enough money during 2006 for a deposit of $2500 on a car if he keeps to his budget? Justify your answer with suitable calculations.  (2 marks)

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Financial Maths, STD1 F1 2020 HSC 17

Matilda has a weekly net income of $ 510. She has created a budget where she allocates this income to rent, car expenses, personal expenses, phone, and rest to savings.

Her budget is shown below, with some details missing.
 


 

Matilda allocates 20% of her weekly net income to personal expenses.

How many weeks will it take Matilda to save $4930?   (3 marks)

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Financial Maths, STD2 F1 2015 HSC 3 MC

Gayle’s gross pay each week is $952.25 .

The following deductions are taken from her gross pay each week:

• tax $180.93
• superannuation $85.70
• union membership $21.40
• health fund $38.15.

What is Gayle’s net pay each week?

  1.    $326.18
  2.    $626.07
  3.    $771.32
  4.    $952.25
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Financial Maths, STD2 F1 2005 HSC 25a

Reece is preparing his annual budget for 2006.

His expected income is:

• $90 every week as a swimming coach
• Interest earned from an investment of $5000 at a rate of 4% per annum.

His planned expenses are:

• $30 every week on transport
• $12 every week on lunches
• $48 every month on entertainment.

Reece will save his remaining income. He uses the spreadsheet below for his budget.
 

2UG-2005-25a
 

  1. Determine the values of ,  and . (Assume there are exactly 52 weeks in a year.)  (3 marks)

At the beginning of 2006, Reece starts saving.

  1. Will Reece have saved enough money during 2006 for a deposit of $2100 on a car if he keeps to his budget? Justify your answer with suitable calculations.  (2 marks)

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Show Worked Solution

i.   

 

 

 

 

 

 

ii.  
   
 
 

 

 

Financial Maths, STD2 F1 2010 HSC 23d

Warrick has a net income of $590 per week. He has created a budget to help manage his money.

       2010 23d

  1. Find the value of , the amount that Warrick allocates towards electricity each week.    (1 mark)

  2. Warrick has an unexpectedly high telephone and internet bill. For the last three weeks, he has put aside his savings as well as his telephone and internet money to pay the bill.

     

    How much money has he put aside altogether to pay the bill?    (1 mark)

  3. The bill for the telephone and internet is $620. It is due in two weeks time. Warrick realises he has not put aside enough money to pay the bill.

     

    How could Warrick reallocate non-essential funds in his budget so he has enough money to pay the bill? Justify your answer with suitable reasons and calculations.   (3 marks)

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  4.  

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Financial Maths, STD2 F1 2009 HSC 23d

The tables below show information about fees for MyBank accounts. 

2009 23d

  1. Li has a Cheap Access Account. During September, he made

     

        • five withdrawals using internet banking
        • two cash withdrawals from a MyBank ATM
        • four EFTPOS purchases
        • two cash withdrawals at other ATMs.

     

    What was the total amount that Li paid in bank fees for the month of September?  (3 marks)

  2. In October, what is the maximum that Li could pay in withdrawal fees to ensure that a Cheap Access Account costs him no more than a Free Access Account?    (1 mark)

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ii.   

♦ Mean mark 47%
MARKER’S COMMENT: Many students misinterpreted this question. Read carefully!

 

Financial Maths, STD2 F1 2012 HSC 27a

Tai earns a gross weekly wage of  $1024. Each week her deductions are: 

    •    tax instalment of  $296.40 
    •    health fund contribution of  $24.50
    •    union fees of  $15.80.

        She also pays  $3640  over the year as her share of the household expenses.

        What percentage of her net wage does Tai pay for household expenses?    (3 marks)

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MARKER’S COMMENT: The best answers used clear steps in calculating deductions and net wages, and kept wages in their weekly form until the last step.