Q1
Alex puts £2000 in a savings account that gives compound interest of 3.2\% per year.
How much would he have after 2 years in his savings account?
Answer: £2130.05
Wrong Answers:
£2128
£2640
£2064
WORKING:
£2000 \times 1.032\times1.032=£2130.05Q2
A plumber needs to buy 3 bathroom sinks and 3 sets of taps.
1 bathroom sink = £50+ VAT
1set of taps = £20+ VAT
VAT = 20\%
How much will it cost the plumber in total?
Answer: £84
£70£110
£80
WORKING:
20\% \text{ of } £50=£10 20\% \text{ of } £20 = £4 £50 + £10 + £20 + £4=£84Q3
Greg currently earns £9.80 per hour.
He receives a pay increase of 15\%.
If he works 37.5 hours a week, what is his weekly wage after the pay increase?
Answer: £422.63
Wrong Answers:
£367.50
£373.01
£450.80
WORKING:
15\% of £9.80=£1.47
£9.80+£1.47=£11.27
£11.27\times37.5=£422.63
Q4
The original price of a TV is £600.
The shop takes £100 off the original price on black Friday, then reduces the price further by 25\% on January the 1st.
What is the new sale price?
Answer: £375
Wrong Answers:
£450
£350
£475
WORKING:
£600-£100=£500
25\% \text{ of } £500=£125
£500-£125=£375
Q5
Ben’s monthly income is £1600 after tax.
His monthly expenses are:
£100 (petrol)
£500 (rent)
£240 (food)
£180 (leisure)
What percentage of his monthly income is he left with after all his expenses?
Answer: 36.25\%
Wrong Answers:
63.75\% 40\% 53.75\%WORKING:
£1600-£100-£500-£240-£180=£680
\dfrac{680}{1600}\times100=36.25\%