NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 3

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?

Accepted Answer

R4 800

Answer

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?

Accepted Answer

15%

Answer

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?

Accepted Answer

R1 071.43

Answer

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?

Accepted Answer

R12 800

Answer

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?

Accepted Answer

R260 × 1.15

Answer

VAT-inclusive price = original price × (1 + 0.15) = R260 × 1.15 = R299.

(NBT) National Benchmark Test Practice Test