Financial Maths Answers
1. State what is meant by a 'salary'
Earnings per year
2. Gary earns £8.49 an hour working in a restaurant, he works 42 hours a week, calculate his gross weekly pay
3. If Dave earns £2,745 a month and pays 20% income tax on this, how much tax does he pay each month?
4. Jane earns £19,489 a year and works around 40 hours per week. Based on this what is her hourly pay?
5. Calculate the amount of interest earned on an investment of £900 at 3% compound interest for 6 years
6. State what is meant by VAT
A tax that is paid on goods and services
7. A car depreciates in value at a rate of 25% a year, its original value was £12,699, what is the car worth after 3 years?
8. A business made £36,865 profit in 2017, in 2018 they made £41,382. What is the percentage increase in profit from 2017 to 2018?
9. One pack of biscuits costs £1.40, if you buy two you get a 25% discount on the total price, what is the final cost of two packets?
10. An investment of £8000 gets a compound interest rate of 4.2%, what will the investment be worth after 2 years?