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Check Test 1

This document provides a 17 question math test on interest and money concepts including: 1) Calculating loss as a percentage when selling a car for less than its purchase price 2) Calculating markups, discounts, and profits on items like bikes and paintings 3) Calculating simple interest earned on loans over various time periods at given rates 4) Calculating compound interest earned on investments over long periods with regular rests 5) Calculating annual rates of appreciation and depreciation on items like paintings and trucks

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40 views1 page

Check Test 1

This document provides a 17 question math test on interest and money concepts including: 1) Calculating loss as a percentage when selling a car for less than its purchase price 2) Calculating markups, discounts, and profits on items like bikes and paintings 3) Calculating simple interest earned on loans over various time periods at given rates 4) Calculating compound interest earned on investments over long periods with regular rests 5) Calculating annual rates of appreciation and depreciation on items like paintings and trucks

Uploaded by

api-336059073
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Year 12 Maths A

CHECK TEST : INTEREST & MONEY

Name.. Mark:

/17

Chapters 3 & 5
Communication:

Complete the answers on a separate sheet of paper.


1.

I bought a new car for $21 000 and later sold it for $16 500.
Calculate my loss as a percentage of the cost price.
[1]

2. Sam bought a bike for $165 and marked it up by 12.5%.


a. At what price did Sam hope to sell it?
b. The bike had not been sold after 3 months in his shop, so Sam discounted it by 12% and
sold it the very next day. Did he make a profit overall? Justify your answer with
appropriate calculations.
[1,1]
3. Robbie bought a painting and marked it up by 30% before selling it for $2300.
What price did Robbie pay for the painting?
[1]
4. Calculate the simple interest and the amount to repay on a loan of $8 100 at 3.9%p.a. for 5
months.
[1,1]
5. William took out a 60 day promissory note for $30 000. He repaid $30 500.
What was the simple interest rate?
[1]
6. a) Calculate the compound interest earned on an investment of $53 000 at 4.1%p.a. for 10
years with quarterly rests.
b) Calculate the effective interest rate for this investment.

[2,1]

7. A painting increased in value from $1250 to $4100 over 8 years. What was the annual rate of
appreciation?
[1]
8. How long will it take Aaron to triple his investment of $20 000 at 5.5%p.a. interest,
compounding fortnightly?
[1]
9. Four years ago, Tom signed a contract with his employer which guaranteed him an annual
pay increase of 4%. He currently earns $77200 per year. What was his starting salary?
[1]
10. A truck used in a mine has a useful life of 6 years. It originally cost $49000 and its scrap value
is estimated to be $13000.
a. Calculate the annual depreciation using the prime cost method.
b. What is the annual depreciation as a percentage of the prime cost?
c. Estimate the book value of the truck after 4 years.
d. If the same truck were to be depreciated by 12% p.a. using the diminishing value
method, estimate the book value of the truck after 4 years.
[1,1,1,1]

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