NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 5

Question 1

Amahle earns a commission of 3.5% on sales. She sells R180 000 worth of goods. What is her commission?

Accepted Answer

R6 300

Answer

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?

Accepted Answer

2

Answer

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?

Accepted Answer

R1 250

Answer

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?

Accepted Answer

R173 400

Answer

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?

Accepted Answer

R9 800

Answer

28% of R35 000 = R9 800.

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