NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 1 — Questions and Answers
Question 1: A jacket costs R480. During a sale it is reduced by 15%. What is the sale price?
- R408 (Correct answer)
- R420
- R432
- R448
Correct answer: R408
15% of R480 = R72, so R480 − R72 = R408.
Question 2: Thandi earns R12 500 per month. She receives a 6% salary increase. What is her new monthly salary?
- R13 250 (Correct answer)
- R13 000
- R12 750
- R13 500
Correct answer: R13 250
6% of R12 500 = R750, so R12 500 + R750 = R13 250.
Question 3: South Africa's VAT rate is 15%. An item costs R230 including VAT. What is the price before VAT?
- R200 (Correct answer)
- R195.50
- R196.15
- R207
Correct answer: R200
Price before VAT = R230 ÷ 1.15 = R200.
Question 4: R5 000 is invested at 8% simple interest per year. How much interest is earned over 3 years?
- R1 200 (Correct answer)
- R1 298.56
- R1 000
- R1 500
Correct answer: R1 200
Simple interest = P × r × t = R5 000 × 0.08 × 3 = R1 200.
Question 5: A shop buys goods for R640 and sells them for R800. What is the percentage profit?
- 25% (Correct answer)
- 20%
- 16%
- 22.5%
Correct answer: 25%
Profit = R160; % profit on cost = (160 ÷ 640) × 100 = 25%.
Question 6: R8 000 is invested at 10% compound interest per annum. What is the value after 2 years?
- R9 680 (Correct answer)
- R9 600
- R9 700
- R9 800
Correct answer: R9 680
After 2 years: R8 000 × (1.10)² = R8 000 × 1.21 = R9 680.
Question 7: The exchange rate is R18.50 per US dollar. A tourist converts R5 550. How many dollars does she receive?
- 300 (Correct answer)
- 285
- 320
- 310
Correct answer: 300
R5 550 ÷ R18.50 per dollar = 300 dollars.
NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 1
A jacket costs R480.
During a sale it is reduced by 15%.
What is the sale price?