NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 5 — Questions and Answers
Question 1: Amahle earns a commission of 3.5% on sales. She sells R180 000 worth of goods. What is her commission?
- R6 300 (Correct answer)
- R6 000
- R5 400
- R7 200
Correct answer: R6 300
3.5% of R180 000 = R6 300.
Question 2: A R4 500 loan attracts simple interest of R810 over a certain period at 9% per annum. For how many years was the loan?
- 2 (Correct answer)
- 1.5
- 3
- 2.5
Correct answer: 2
t = I ÷ (P × r) = 810 ÷ (4 500 × 0.09) = 810 ÷ 405 = 2 years.
Question 3: Goods are sold for R1 150 at a loss of 8% on cost. What was the cost price?
- R1 250 (Correct answer)
- R1 230
- R1 265
- R1 196
Correct answer: R1 250
R1 150 = 92% of cost; cost = R1 150 ÷ 0.92 = R1 250.
Question 4: A car depreciates by 15% per year from R240 000. What is its value after 2 years?
- R173 400 (Correct answer)
- R170 400
- R177 000
- R168 000
Correct answer: R173 400
After year 1: R240 000 × 0.85 = R204 000; year 2: R204 000 × 0.85 = R173 400.
Question 5: A household spends 28% of its R35 000 monthly income on rent. How much is spent on rent?
- R9 800 (Correct answer)
- R9 500
- R10 500
- R8 750
Correct answer: R9 800
28% of R35 000 = R9 800.
Question 6: Which represents the best deal for a R2 400 item: 25% discount, or paying R1 750 cash?
- Paying R1 750 cash (Correct answer)
- 25% discount
- Both are equal
- Cannot be determined
Correct answer: Paying R1 750 cash
25% off R2 400 = R600 discount, giving R1 800 — still more than R1 750.
Question 7: R50 000 is invested at 11% compound interest. After how many years does the investment first exceed R75 000?
- 4 years (Correct answer)
- 3 years
- 5 years
- 6 years
Correct answer: 4 years
Year 1: R55 500; Year 2: R61 605; Year 3: R68 381.55; Year 4: R75 903.52 > R75 000.
NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 5
Amahle earns a commission of 3.5% on sales.
She sells R180 000 worth of goods.
What is her commission?