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2.08 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 2 decimal places.

(Don't forget to include the percentage sign).

d

Calculate the percentage of income spent on mortgage payments correct to 2 decimal places.

Don't forget to include the percentage sign.

e

Calculate the amount paid on the mortgage in one year

Easy
Approx 5 minutes
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James's monthly expenses include:

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

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:

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.

Outcomes

ACMEM001

solve practical problems requiring basic number operations

ACMEM002

apply arithmetic operations according to their correct order

ACMEM008

evaluate decimal fractions to the required number of decimal places

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