Maths Lit

Practice Questions

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Instructions

Individual, exam-style questions The questions contained in this booklet match the style of questions that are typically asked

in exams. This booklet is not however, a practice exam. Elevate’s research with top students

identified that top students do more practice questions than anyone else. They begin the

process of testing their knowledge early in the year.

Therefore, we have provided exam-format questions that are sorted by topic so that you can

answer them as you learn the information, rather than waiting until the very end of the year to

complete exams.

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consent of the publisher.

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Finance:

Interest is how much is paid for the use of money (as a percent, or an amount) Simple interest: A = P (1+I x N) …NB Always write ‘I’ as a decimal Question 1. Alex wants to borrow R1,000 for 1 year from the Local Bank at 10% Interest. Using the formula calculate A? A is the amount Alex will owe the bank in 1 year. Question 2. Alex wants to borrow R1,000 for 6 months from the Local Bank at 10% Interest. Using the formula calculate A? A is the amount Alex will owe the bank in 6 months. Compound Interest: For compound interest, the interest can be compounded yearly, monthly, quarterly, semi - annually and even daily. Formula: A=P(1+i)n Question 1. Kevin wants to borrow R1000 for 1 year from the local bank at 10% interest compounded monthly, calculate A. A is the amount that Kevin will owe the Bank in a year. Question 2. Kevin wants to borrow R1000 for 6 months from the local bank at 10% interest compounded monthly, calculate A. A is the amount that Kevin will owe the Bank in half a year. Annuity a savings account where you make regular payments i.e. Monthly Question 3. Jenny opens an annuity account; the account has monthly payments of R1000. The interest rate is 18% compound interesed. P.A. and is compounded monthly, how much is his account worth after 5 months? N.B Convert the interest rate to monthly I=18/12 =1.5 =1.5 x 100 = 0.015 Inflation: Inflation is when the general price of goods and services increases and in tern each unit of currency buys fewer goods and services. How to calculate the inflation rate:

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Formula: Increase in Price X 100

Initial Price Question 1). If a house cost R850,000.00 a year ago and costs R900,000.00 now, what is the inflation rate? Question 2). If a loaf of bread cost R12.99 at the start of 2014 and the inflation rate for 2014 was 6.57% and was 7.5% in 2015, how much does it cost now (2016)? Data Handeling: Percentiles Percentiles split data into 100 equal parts. A percentile will always be represented by a specilfic number in a data set. Question 1) The marks of 20 students are 8 6 8 3 9 6 4 5 9 3 7 9 7 5 6 6 4 7 8 7

a) Find the 20th Percentile b) Find the 80th Percentile

Correct order: 3 3 4 4 5 5 6 6 6 6 7 7 7 7 8 8 8 9 9 9 Question 2) The Shoe size of 20 students are: 5 3 4 7 5 8 5 6 9 8 5 8 4 5 5 5 7 4 6 3

A) Find the 10th percentile B) Find the 50th percentile

Correct order: 3 3 4 4 4 5 5 5 5 5 5 5 6 6 7 7 8 8 8 9

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The box whisker: The box whisker plot shows how data is spread. Question 1. 4 6 8 10 12 17 19 25 Q1 Q2 Q3 (6+8)/2 (10+12)/2 (17+19)/2 4 min Q1 7 Q2 11 Q3 18 Max 25 4 6 8 10 12 14 16 18 20 22 24 25 Quartiles: They divide the data set into four equal parts Q1 Q2 Q3

25% 25% 25% 25% Lowest number Highest Number Interquartile range Q3-Q1 Important! Always order your numbers first Question 1.) Find the Quartiles. . . . . 1 2 5 6 8 10 12

Q1 Q2 Q3 Question 2.) . . . . 10 11 17 18 20 21 21 24 26 Q1 Q2 Q3 Question 3) . . . . 13 15 17 17 18 24 27

Q1 Q2 Q3 Question 4) . . . . 6 10 11 11 12 12 13 14 Q1 Q2 Q3

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Tax (Financial Documents and tariffs) Questions

A) What does P.A.Y.E stand for? B) What does VAT? C) What does S.I.T.E. stand for? Give the definition for: A) Rebate. B) Tax Threshhold. C) Tariff

Finance Solutions

Simple interest: Question 1. A = R1000 (1 + 0.10 x 1) A = R1000 (1,1) A = R1100 Question 2. A = R1000 (1 + 0.10 x 0,5) A = R1000 (1.05) A = R1050 Compound Interest: Question 1 A = R1000 (1+ 0.10%/12)12

A= R1000 (1.0083333333)12

A=R1000 (1.104713067) A=R1104.71 Question 2. A = R1000 (1+ 0.10%/12)6

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A= R1000 (1.0083333333)6

A=R1000 (10510533131) A=R1051.05 Question 3. Month 1: R1000 + (R1000 x 0.015) = R1015 Month 2: R1000 + R1015 + (R1015 x 0.015) =R2045.23 Month 3: (R1000 +R2045.23) + (R3045 X 0.015) =R3090.91 Month 4: (R1000 + R3090.91) + (R4090.91 x 0.015) =R4152.27 Month 5: (R1000 + R4152.27) + (R5152.27 x 0.015) =R5229.55 Inflation: Question 1 Answer: 30,000 X 100 870,000 = 3.45% Question 2 Answer: 2015 = R12.99 + (R12.99 x 6.5/100) = R13.83 2016 = R13.83 + (R13,83 x 7.5/100) = R14.87

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Data Handling Solutions

Percentiles Question 1

a) 20/100 x 20 = 4 (Position) 20th Percentile = 4

b) 80/100 x 20 = 16 (Position) 80th Percentile =8

Question 2

a) 10/100 x 20 = 2 (Position) 10th Percentile = 3

b) 50/100 x 20 = 10 (Position) 50th Percentile =5

The box whisker Question 1 Q1 = 7 Q2 = 11 Q3 = 18 Quarterlies Question 1 Q1 = 2 Q2 = 6 Q3 = 10 Question 2 Q1= (11+17)/2 = 14 Q2= 20 Q3 = (21+24)/2 = 22.5 Question 3 Q1=15

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Q2=17 Q3=24 Question 4 Q1= (10 + 11)/2 = 10.5 Q2=(11+12)/2 = 11.5 Q3=(12+13)/2 = 12.5 Tax Qeuestions:A)PAYASYOUEARNB)VALUEADDEDTAXC)STANDARDINCOMETAXONEMPLOYEESDefinitions:A)ITISTHEMONEYSUBTRACTEDFROMYOURTAXB)THEMAXIMUMAMOUNTYOUCANEARNWITHOUTPAYINGTAXC)THEAMOUNTCHARGEDPERUNIT