NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 4

Question 1

A grocery basket costs R850 excluding VAT. How much VAT is charged at 15%?

Accepted Answer

R127.50

Answer

VAT = 15% × R850 = R127.50.

Question 2

Lindiwe invests R15 000 at 7% simple interest per annum for 4 years. What is the total amount at the end?

Accepted Answer

R19 200

Answer

I = R15 000 × 0.07 × 4 = R4 200; total = R15 000 + R4 200 = R19 200.

Question 3

A shopkeeper buys an item for R180 and sells it at a 331/3% markup. What is the selling price?

Accepted Answer

R240

Answer

33⅓% of R180 = R60; selling price = R180 + R60 = R240.

Question 4

R25 000 is invested at 9% compound interest per annum. What is the value after 3 years?

Accepted Answer

R32 372.25

Answer

A = R25 000 × (1.09)³ = R25 000 × 1.29503 ≈ R32 375.75 (closest option R32 372.25).

Question 5

After a 20% price reduction, a television costs R6 400. What was the original price?

Accepted Answer

R8 000

Answer

R6 400 = 80% of original; original = R6 400 ÷ 0.80 = R8 000.

(NBT) National Benchmark Test Practice Test