NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 1

Question 1

A jacket costs R480. During a sale it is reduced by 15%. What is the sale price?

Accepted Answer

R408

Answer

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?

Accepted Answer

R13 250

Answer

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?

Accepted Answer

R200

Answer

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?

Accepted Answer

R1 200

Answer

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?

Accepted Answer

25%

Answer

Profit = R160; % profit on cost = (160 ÷ 640) × 100 = 25%.

(NBT) National Benchmark Test Practice Test