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Project: business Maths

Project: business Maths. Justine Jaramillo 10C. Your wage is $70,000 per annum from which you pay tax; calculate the tax to nearest dollar. [(70000-35000) × 0.3] [35000 × 0.3] + 4350 10500 + 4350 14850 Your tax will be $14,850.

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Project: business Maths

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  1. Project: business Maths Justine Jaramillo 10C

  2. Your wage is $70,000 per annum from which you pay tax; calculate the tax to nearest dollar. • [(70000-35000) × 0.3] • [35000 × 0.3] + 4350 • 10500 + 4350 • 14850 Your tax will be $14,850

  3. After subtracting the tax from your wage, calculate you monthly take home wage • (70000 – 14850) ÷ 12 • 55150 ÷ 12 • 4595.8333333333 Your monthly take home wage will be $4,595.83

  4. You purchase a motor bike for $5,000 and sold it for $4,000. Did you make a profit or loss. How much in percentage did you gain/loss You made a loss because the bike was sold cheaper than you originally bought • [(5000 – 4000) ÷ 5000] × 100 • [1000 ÷ 5000] × 100 • 0.2 × 100 • 20 The percentage that you loss is 20%

  5. Assume that 8% of your annual income is $4,000, what is your actual income • (4000 ÷ 8) × 100 • 500 × 100 • 50000 Your annual income in $50,000

  6. Mortgage The price of this house, with land, is around $340,000. You were to buy this and put this on loan over 25 years and make monthly payments. Assuming that the current interest rate is 5% per annum compounding monthly, how much monthly repayment you have to pay on this loan

  7. Mortgage (working out) • 340000 [1 + (5 ÷ 12)/100]^(25 × 12) • 340000 × 1.0041667^300 • 340000 × 3.481325121 • 1183650.541 • (1183650.541 ÷ 25) ÷ 12 • 47346.02164 ÷ 12 • 3945.501803 The monthly repayment you have in this loan is $3,945.50

  8. Car Loan You purchased a car without a deposit. For convenience, you make repayments for 3 years at 8% rate of interest per annum at simple interest. What would be the monthly repayment if the car is $250,000?

  9. Car Loan (working out) • 250000 × 3 × 0.08 • 60000 • [(250000 + 60000) ÷ 3] ÷ 12 • [310000 ÷ 3] ÷ 12 • 103333.33 ÷ 12 • 8611.11 Your monthly repayment will be $8,611.11

  10. Investment You planned to invest $8500 in a term deposit. You had two investment plans from which to choose: Plan I Simple interest at 5% per annum Plan II Compound interest at 5% per annum compounding every six months

  11. Calculate the total interest earned if you invested you money using Plan I for a year • 8500 × 0.05 × 1 • 425 The total interest earned if you invested in this plan is $425

  12. Calculate , to the nearest cent, the total interest earned if you invested you money using Plan II for a year • 8500 [1 + (5 ÷ 2)/100]^1 • 8500 × 1.025^1 • 8500 × 1.025 • 8712.5 • 8712.5 – 8500 • 212.5 The total interest you would get if you use this plan is $212.5

  13. Calculate the simple interest rate that would provide the same total as earned under Plan II for an 8500 investment of $8,500 • (8500 × 2.5 × 1) ÷ 100 • 21250 ÷100 • 212.5 Using the trial and error method, the interest rate can be found. The interest rate is 2.5%.

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