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Boat Buying Answers

Boat Buying Answers

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Boat Buying Answers

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  1. Boat Buying Answers

  2. The dinghy is for sale in a boat shop for $2700 but by paying cash Greg can save 20%. 20% of $2700 20 ÷ 100 x 2700 = 540 2700 – 540 = 2160 The cash price is $2160

  3. Greg will also need oars and safety gear which will cost 0.05 times the price of the dinghy (the before sale price of $2700). 0.05 x 2700 = 135 The oars and safety gear cost $135

  4. Because some of his friends use Greg’s boat they agree to split the price in a ratio of 2:7 with Greg paying the larger share. Greg’s share is 7/9 of the price. 7 ÷ 9 x 2160 = 1680 Greg’s share of the price is $1680

  5. Greg works part time for 15 hours a week. He is paid $19.50 per hour before tax. 15 x 19.50 = 292.5 Greg earns $292.5 per week

  6. Greg pays 22% tax to the Government. 22% of 292.5 22 ÷ 100 x 292.5 = 64.35 292.5 – 64.35 = 228.15 After paying tax, Greg gets to keep $228.15 per week.

  7. Greg has to use his weekly money for other expenses as well and can only afford to save ¼ of his income after tax. 1 ÷ 4 x 228.15 = 57.0375 Greg saves $57.04 per week.

  8. Because Greg also works as a professional fisherman he mightbe able to get the GST (15%) that is already part of the price for the boat (plus oars and safety gear) taken off and only pay the price before GST was added. Excellence Question

  9. Because he has been working very hard Greg’s boss is thinkingabout giving him a 7% raise. Ifhe gets this, Greg can save all of the extra money after tax each week as well as the amount he would normally save. Excellence question

  10. Total Cost of Dinghy $1 680 Greg’s share of dinghy cost $135 Oars and safety gear 1680 + 135 = 1815 $1 815 Total cost

  11. Time to save $1 815 Total cost $57.04 Savings per week 1815 ÷ 57. 04 = 31.82 It will take 32 weeks for Greg to save up enough to buy the dinghy.