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2.07 Financial calculations

Interactive practice questions

A weekly budget is shown in the table.

Income Expenses
Earnings $505 Mortgage $147
Electricity $23
Food $64
Council Rates $22
Insurance $20
Water $64
Clothing $46
Entertainment $56
Income Expenses
Earnings $505 Mortgage $147
Electricity $23
Food $64
Council Rates $22
Insurance $20
Water $64
Clothing $46
Entertainment $56
a

Calculate the weekly expenses.

b

Calculate weekly savings.

c

Calculate the percentage of income saved correct to two decimal places.

d

Calculate the percentage of income spent on mortgage payments correct to two decimal places.

e

Calculate the amount paid on the mortgage in one year

Easy
5min

James's monthly expenses include:

rent, food, cable TV, travel, insurance, clothing, repairs.

Easy
< 1min

Amelia earns a weekly salary of $723 and receives income from other sources of $126. Her weekly expenses are: rent $199, groceries $51, petrol $33, electricity $33, telephone $23, magazines $13 and clothes $62. Calculate:

Easy
3min

Sally earns $\$610$$610 per week. Her weekly work related expenses are $\$185$$185 on travel and $\$86$$86 on lunch. What percentage of her weekly income goes towards work related expenses? Give your answer correct to two decimal places.

Easy
1min
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Outcomes

1.1.6

choose and use addition, subtraction, multiplication and division, or combinations of these operations, to solve practical problems

1.1.9

evaluate fractions and decimals of quantities to the required number of decimal places; for example, 3/4 of 250 ml, 0.4 of 3kg

1.1.12

use a calculator appropriately and efficiently for multi-step calculations

1.1.13

calculate a percentage of a given amount, using mental/written strategies or technology when appropriate

1.1.14

determine one amount expressed as a percentage of another

1.1.15

apply percentage increases and decreases in situations, for example, mark-ups and discounts and GST

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