NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 3 — Questions and Answers
Question 1: A budget allocates 30% to rent, 25% to food, 15% to transport, and the rest to savings. If income is R16 000, how much is saved?
- R4 800 (Correct answer)
- R5 000
- R4 000
- R3 200
Correct answer: R4 800
Remaining % = 100 − 70 = 30%; 30% of R16 000 = R4 800.
Question 2: An investment of R6 000 grows to R7 920 after 2 years of compound interest. What annual interest rate was applied?
- 15% (Correct answer)
- 12%
- 16%
- 14%
Correct answer: 15%
R7 920 = R6 000 × (1 + r)²; (1 + r)² = 1.32; 1 + r ≈ 1.15, so r = 15%.
Question 3: A pair of shoes costs £45. If R1 = £0.042, what is the price in rands?
- R1 071.43 (Correct answer)
- R1 890
- R1 050
- R945
Correct answer: R1 071.43
R per pound = 1 ÷ 0.042 ≈ 23.81; R = 45 × 23.81 ≈ R1 071.43.
Question 4: A laptop is bought on hire purchase: R2 000 deposit plus 24 monthly payments of R450. What is the total cost?
- R12 800 (Correct answer)
- R10 800
- R12 000
- R11 800
Correct answer: R12 800
Total = R2 000 + 24 × R450 = R2 000 + R10 800 = R12 800.
Question 5: A price excluding VAT is R260. Which calculation gives the VAT-inclusive price?
- R260 × 1.15 (Correct answer)
- R260 + R15
- R260 ÷ 0.85
- R260 × 0.15
Correct answer: R260 × 1.15
VAT-inclusive price = original price × (1 + 0.15) = R260 × 1.15 = R299.
Question 6: A salary of R22 500 is increased by 8%, then increased again by 5%. What is the final salary?
- R25 515 (Correct answer)
- R25 650
- R25 425
- R25 200
Correct answer: R25 515
After 8%: R22 500 × 1.08 = R24 300; after 5%: R24 300 × 1.05 = R25 515.
Question 7: A company's revenue fell from R5.2 million to R4.16 million. What was the percentage decrease?
- 20% (Correct answer)
- 24%
- 16%
- 22%
Correct answer: 20%
Decrease = R1.04m; % decrease = (1.04 ÷ 5.2) × 100 = 20%.
NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 3
A budget allocates 30% to rent, 25% to food, 15% to transport, and the rest to savings.
If income is R16 000, how much is saved?