Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Fetac Level 4 Mathematics Finance Module Fetac Level 4 Mathematics Module C10139 Name: Date: Page1 Fetac Level 4 Mathematics Finance Module Goods in Bulk 1) As the IT person for a company, one of your jobs is to buy paper for the company. After doing a little Internet research you find the following is available: “5-star” 80g paper at €5.52 per ream for amounts up to three reams. If you buy more than three reams the price drops to €5.31 per ream and if you buy more than 5 reams the price drops to €5.11 per ream. If I want to buy 4 reams of paper, what price per ream do I pay? Find the total cost for 4 reams of paper. (1box). Find the total saving compared to the single ream price. Find the saving per ream. Find the total cost for 10 reams of paper. Find the total savings. Find the savings per ream when I buy ten reams. 2) Another company is offering the same five-star paper at €42.00 for 10 reams. This is the minimum order. Delivering this will cost €21, Calculate the cost per ream including the delivery charge. Calculate the total cost for 20 reams including the delivery charge. Calculate the cost per ream for 20 reams including the delivery charge. Page2 Fetac Level 4 Mathematics Finance Module Simple interest. 3) €1,500.00 is invested for one year. It accrues interest at a rate of 4% per annum. Calculate the interest earned in the first year. 4) €2,000.00 is invested for one year. It accrues interest at the rate of 5% per annum. Calculate the interest earned in the year. Use this figure to work out how much the investment earns each month. 5) Fred lent me €80.00 till the end of the month. I pay him back and buy him a pint, which costs €3.75. If we consider the price of the pint to be the interest paid on the loan, how much did the loan cost me? What the rate of interest, expressed as a percentage, did I pay for the month? What % would this be per year? Page3 Fetac Level 4 Mathematics Finance Module Compound interest. 6) I invested €12,000.00 euro at 3.5% for five years, compound interest. How much money should I get back at the end? 7) I buy A Canon IPF710 A0 printer for €3,600.00 It will depreciate at a rate of 30% per annum. Calculate the value of this company asset after 3 years. Page4 Fetac Level 4 Mathematics Finance Module Hire Purchase Sample data from permanent tsb web site April 27, 2009 8) Hire Purchase agreement for a New car Cash price €11,000 If the bank require 36 monthly payments of €343.89 plus a final completion payment of 1 euro, find the hire purchase price. Find the difference between this and the cash price. 9) Hire purchase agreement for a Used car. Cash price is €8,000. If the bank require 36 monthly payments of €252.78 plus a final completion payment of 1 euro, find the hire purchase price. Page5 Fetac Level 4 Mathematics Finance Module Currency conversions 10) I find a web site in the north where they are offering a Canon IPF710 A0 printer for 2,275 STG. Find out how much this will be in euro’s. ₤1STG = €1.21 11) I want to go to the states on a shopping trip, and I wish to bring $1,500 with me. If the rate of exchange is $1.35= €1 euro, how much will this cost me? 12) I come back from the states having bought nothing, and I want to go north to pick up the printer. If I convert the $1,500 to sterling at a rate of exchange of $1.54=£STG 1.00, How much sterling will I get? Page6 Fetac Level 4 Mathematics Finance Module Pay and Pay related questions Gross pay 13) Paul works in IT support and earns €12.00 per hour for a basic 38 hour week. He receives time and a half for overtime. Calculate his gross wage if he works 42 hours in a week. 14) Carl is paid €8.65 an hour basic and €12.10 per hour overtime. Calculate how much Carl should earn in a normal 37 hour week. Last week Carl worked as Follows: Day Hours Worked Monday 9 Tuesday 8 1/2 Wednesday 10 Thursday 7 Friday 11 How many hours did Carl work last week? How many of these hours were overtime? How much overtime should he be paid? What should his Gross wage be last week? 15) A junior Doctor working in England gets paid €602.00 per week for a 56 hour week with 72 hours of “on call” time. Find the doctor’s hourly rate of pay (based on the 56 hour week). Page7 Fetac Level 4 Mathematics Finance Module Tax and Tax credits 16) Mary pays income tax at the standard rate of 20% on all her income, and has a tax credit of 3,400. Calculate how much tax she should pay on an annual income of €32,500.00 In addition to tax she has to pay the “Income Levy”. This is calculated as 1.67% of gross income from all sources. If we consider the €32,500 to be her gross income from all sources, calculate how much she should pay for the Income Levy. 17) Joan is paid €10.50 per hour for a 37-hour week and is paid time and a half for any additional hours worked in a given week. If she works 45 hours in a particular week, find her gross pay. Calculate the “income Levy” due. Her standard rate cut off point is €310, and her weekly tax credit is €43, the standard rate of income is 20% and the higher rate is 41% calculate the amount of tax paid this week. No PRSI is due on the first €140, but it is paid at a rate of 4% on the remainder of her wages. How much PRSI will she pay this week? What is her take home pay? Express this as a % of her gross pay. Page8 Fetac Level 4 Mathematics Finance Module Fetac Level 4 Mathematics Module C10139 Name: Date: Page9 Fetac Level 4 Mathematics Finance Module Goods in Bulk 1) As the IT person for a company, one of your jobs is to buy paper for the company. After doing a little Internet research you find the following is available: “5-star” 80g paper at €5.60 per ream for amounts up to three reams. If you buy more than three reams the price drops to €5.34 per ream and if you buy more than 5 reams the price drops to €5.20 per ream. If I want to buy 4 reams of paper, what price per ream do I pay? Find the total cost for 4 reams of paper. (1box). Find the total saving compared to the single ream price. Find the saving per ream. Find the total cost for 10 reams of paper. Find the total savings. Find the savings per ream when I buy ten reams. 2) Another company is offering the same five-star paper at €45.00 for 10 reams. This is the minimum order. Delivering this will cost €21, Calculate the cost per ream including the delivery charge. Calculate the total cost for 20 reams including the delivery charge. Calculate the cost per ream for 20 reams including the delivery charge. Page10 Fetac Level 4 Mathematics Finance Module Simple interest. 3) €2,000.00 is invested for one year. It accrues interest at a rate of 4% per annum. Calculate the interest earned in the first year. 4) €1,100.00 is invested for one year. It accrues interest at the rate of 5% per annum. Calculate the interest earned in the year. Use this figure to work out how much the investment earns each month. 5) Fred lent me €70.00 till the end of the month. I pay him back and buy him a pint, which costs €3.75. If we consider the price of the pint to be the interest paid on the loan, how much did the loan cost me? What the rate of interest, expressed as a percentage, did I pay for the month? What % would this be per year? Page11 Fetac Level 4 Mathematics Finance Module Compound interest. 6) I invested €14,000.00 euro at 3.5% for five years, compound interest. How much money should I get back at the end? 7) I buy A Canon IPF710 A0 printer for €4,200.00 It will depreciate at a rate of 30% per annum. Calculate the value of this company asset after 3 years. Page12 Fetac Level 4 Mathematics Finance Module Hire Purchase Sample data from permanent tsb web site April 27, 2009 8) Hire Purchase agreement for a New car Cash price €11,000 If the bank require 36 monthly payments of €338.91 plus a final completion payment of 1 euro, find the hire purchase price. Find the difference between this and the cash price. 9) Hire purchase agreement for a Used car. Cash price is €8,000. If the bank require 36 monthly payments of €249.12 plus a final completion payment of 1 euro, find the hire purchase price. Page13 Fetac Level 4 Mathematics Finance Module Currency conversions 10) I find a web site in the north where they are offering a Canon IPF710 A0 printer for 2,275 STG. Find out how much this will be in euro’s. ₤1STG = €1.25 11) I want to go to the states on a shopping trip, and I wish to bring $1,500 with me. If the rate of exchange is $1.36= €1 euro, how much will this cost me? 12) I come back from the states having bought nothing, and I want to go north to pick up the printer. If I convert the $1,500 to sterling at a rate of exchange of $1.57=£STG 1.00, How much sterling will I get? Page14 Fetac Level 4 Mathematics Finance Module Pay and Pay related questions Gross pay 13) Paul works in IT support and earns €14.00 per hour for a basic 38 hour week. He receives time and a half for overtime. Calculate his gross wage if he works 42 hours in a week. 14) Carl is paid €9.20 an hour basic and €12.10 per hour overtime. Calculate how much Carl should earn in a normal 37 hour week. Last week Carl worked as Follows: Day Hours Worked Monday 9 Tuesday 8 1/2 Wednesday 10 Thursday 7 Friday 11 How many hours did Carl work last week? How many of these hours were overtime? How much overtime should he be paid? What should his Gross wage be last week? 15) A junior Doctor working in England gets paid €620.00 per week for a 56 hour week with 72 hours of “on call” time. Find the doctor’s hourly rate of pay (based on the 56 hour week). Page15 Fetac Level 4 Mathematics Finance Module Tax and Tax credits 16) Mary pays income tax at the standard rate of 20% on all her income, and has a tax credit of 3,400. Calculate how much tax she should pay on an annual income of €31,500.00 In addition to tax she has to pay the “Income Levy”. This is calculated as 1.67% of gross income from all sources. If we consider the €32,500 to be her gross income from all sources, calculate how much she should pay for the Income Levy. 17) Joan is paid €10.50 per hour for a 37-hour week and is paid time and a half for any additional hours worked in a given week. If she works 45 hours in a particular week, find her gross pay. Calculate the “income Levy” due. Her standard rate cut off point is €310, and her weekly tax credit is €43, the standard rate of income is 20% and the higher rate is 41% calculate the amount of tax paid this week. No PRSI is due on the first €140, but it is paid at a rate of 4% on the remainder of her wages. How much PRSI will she pay this week? What is her take home pay? Express this as a % of her gross pay. Page16 Fetac Level 4 Mathematics Finance Module Fetac Level 4 Mathematics Module C10139 Name: Date: Page17 Fetac Level 4 Mathematics Finance Module Goods in Bulk 1) As the IT person for a company, one of your jobs is to buy paper for the company. After doing a little Internet research you find the following is available: “5-star” 80g paper at €5.49 per ream for amounts up to three reams. If you buy more than three reams the price drops to €5.30 per ream and if you buy more than 5 reams the price drops to €5.15 per ream. If I want to buy 4 reams of paper, what price per ream do I pay? Find the total cost for 4 reams of paper. (1box). Find the total saving compared to the single ream price. Find the saving per ream. Find the total cost for 10 reams of paper. Find the total savings. Find the savings per ream when I buy ten reams. 2) Another company is offering the same five-star paper at €39.50 for 10 reams. This is the minimum order. Delivering this will cost €21, Calculate the cost per ream including the delivery charge. Calculate the total cost for 20 reams including the delivery charge. Calculate the cost per ream for 20 reams including the delivery charge. Page18 Fetac Level 4 Mathematics Finance Module Simple interest. 3) €3,000.00 is invested for one year. It accrues interest at a rate of 4% per annum. Calculate the interest earned in the first year. 4) €2,700.00 is invested for one year. It accrues interest at the rate of 5% per annum. Calculate the interest earned in the year. Use this figure to work out how much the investment earns each month. 5) Fred lent me €90.00 till the end of the month. I pay him back and buy him a pint, which costs €3.75. If we consider the price of the pint to be the interest paid on the loan, how much did the loan cost me? What the rate of interest, expressed as a percentage, did I pay for the month? What % would this be per year? Page19 Fetac Level 4 Mathematics Finance Module Compound interest. 6) I invested €23,000.00 euro at 3.5% for five years, compound interest. How much money should I get back at the end? 7) I buy A Canon IPF710 A0 printer for €15,000.00 It will depreciate at a rate of 30% per annum. Calculate the value of this company asset after 3 years. Page20 Fetac Level 4 Mathematics Finance Module Hire Purchase Sample data from permanent tsb web site April 27, 2009 8) Hire Purchase agreement for a New car Cash price €11,000 If the bank require 36 monthly payments of €350.00 plus a final completion payment of 1 euro, find the hire purchase price. Find the difference between this and the cash price. 9) Hire purchase agreement for a Used car. Cash price is €8,000. If the bank require 36 monthly payments of €256.21 plus a final completion payment of 1 euro, find the hire purchase price. Page21 Fetac Level 4 Mathematics Finance Module Currency conversions 10) I find a web site in the north where they are offering a Canon IPF710 A0 printer for 2,275 STG. Find out how much this will be in euro’s. ₤1STG = €1.23 11) I want to go to the states on a shopping trip, and I wish to bring $1,500 with me. If the rate of exchange is $1.33= €1 euro, how much will this cost me? 12) I come back from the states having bought nothing, and I want to go north to pick up the printer. If I convert the $1,500 to sterling at a rate of exchange of $1.51=£STG 1.00, How much sterling will I get? Page22 Fetac Level 4 Mathematics Finance Module Pay and Pay related questions Gross pay 13) Paul works in IT support and earns €11.00 per hour for a basic 38 hour week. He receives time and a half for overtime. Calculate his gross wage if he works 42 hours in a week. 14) Carl is paid €9.10 an hour basic and €12.10 per hour overtime. Calculate how much Carl should earn in a normal 37 hour week. Last week Carl worked as Follows: Day Hours Worked Monday 9 Tuesday 8 1/2 Wednesday 10 Thursday 7 Friday 11 How many hours did Carl work last week? How many of these hours were overtime? How much overtime should he be paid? What should his Gross wage be last week? 15) A junior Doctor working in England gets paid €615.00 per week for a 56 hour week with 72 hours of “on call” time. Find the doctor’s hourly rate of pay (based on the 56 hour week). Page23 Fetac Level 4 Mathematics Finance Module Tax and Tax credits 16) Mary pays income tax at the standard rate of 20% on all her income, and has a tax credit of 3,400. Calculate how much tax she should pay on an annual income of €32,700.00 In addition to tax she has to pay the “Income Levy”. This is calculated as 1.67% of gross income from all sources. If we consider the €32,500 to be her gross income from all sources, calculate how much she should pay for the Income Levy. 17) Joan is paid €10.50 per hour for a 37-hour week and is paid time and a half for any additional hours worked in a given week. If she works 45 hours in a particular week, find her gross pay. Calculate the “income Levy” due. Her standard rate cut off point is €310, and her weekly tax credit is €43, the standard rate of income is 20% and the higher rate is 41% calculate the amount of tax paid this week. No PRSI is due on the first €140, but it is paid at a rate of 4% on the remainder of her wages. How much PRSI will she pay this week? What is her take home pay? Express this as a % of her gross pay. Page24 Fetac Level 4 Mathematics Finance Module Fetac Level 4 Mathematics Module C10139 Name: Date: Page25 Fetac Level 4 Mathematics Finance Module Goods in Bulk 1) As the IT person for a company, one of your jobs is to buy paper for the company. After doing a little Internet research you find the following is available: “5-star” 80g paper at €5.55 per ream for amounts up to three reams. If you buy more than three reams the price drops to €5.45 per ream and if you buy more than 5 reams the price drops to €5.21 per ream. If I want to buy 4 reams of paper, what price per ream do I pay? Find the total cost for 4 reams of paper. (1box). Find the total saving compared to the single ream price. Find the saving per ream. Find the total cost for 10 reams of paper. Find the total savings. Find the savings per ream when I buy ten reams. 2) Another company is offering the same five-star paper at €43.00 for 10 reams. This is the minimum order. Delivering this will cost €21, Calculate the cost per ream including the delivery charge. Calculate the total cost for 20 reams including the delivery charge. Calculate the cost per ream for 20 reams including the delivery charge. Page26 Fetac Level 4 Mathematics Finance Module Simple interest. 3) €5,500.00 is invested for one year. It accrues interest at a rate of 4% per annum. Calculate the interest earned in the first year. 4) €1,200.00 is invested for one year. It accrues interest at the rate of 5% per annum. Calculate the interest earned in the year. Use this figure to work out how much the investment earns each month. 5) Fred lent me €40.00 till the end of the month. I pay him back and buy him a pint, which costs €3.75. If we consider the price of the pint to be the interest paid on the loan, how much did the loan cost me? What the rate of interest, expressed as a percentage, did I pay for the month? What % would this be per year? Page27 Fetac Level 4 Mathematics Finance Module Compound interest. 6) I invested €17,000.00 euro at 3.5% for five years, compound interest. How much money should I get back at the end? 7) I buy A Canon IPF710 A0 printer for €3,800.00 It will depreciate at a rate of 30% per annum. Calculate the value of this company asset after 3 years. Page28 Fetac Level 4 Mathematics Finance Module Hire Purchase Sample data from permanent tsb web site April 27, 2009 8) Hire Purchase agreement for a New car Cash price €11,000 If the bank require 36 monthly payments of €345.32 plus a final completion payment of 1 euro, find the hire purchase price. Find the difference between this and the cash price. 9) Hire purchase agreement for a Used car. Cash price is €8,000. If the bank require 36 monthly payments of €253.11 plus a final completion payment of 1 euro, find the hire purchase price. Page29 Fetac Level 4 Mathematics Finance Module Currency conversions 10) I find a web site in the north where they are offering a Canon IPF710 A0 printer for 2,275 STG. Find out how much this will be in euro’s. ₤1STG = €1.27 11) I want to go to the states on a shopping trip, and I wish to bring $1,500 with me. If the rate of exchange is $1.37= €1 euro, how much will this cost me? 12) I come back from the states having bought nothing, and I want to go north to pick up the printer. If I convert the $1,500 to sterling at a rate of exchange of $1.52=£STG 1.00, How much sterling will I get? Page30 Fetac Level 4 Mathematics Finance Module Pay and Pay related questions Gross pay 13) Paul works in IT support and earns €16.00 per hour for a basic 38 hour week. He receives time and a half for overtime. Calculate his gross wage if he works 42 hours in a week. 14) Carl is paid €9.45 an hour basic and €12.10 per hour overtime. Calculate how much Carl should earn in a normal 37 hour week. Last week Carl worked as Follows: Day Hours Worked Monday 9 Tuesday 8 1/2 Wednesday 10 Thursday 7 Friday 11 How many hours did Carl work last week? How many of these hours were overtime? How much overtime should he be paid? What should his Gross wage be last week? 15) A junior Doctor working in England gets paid €618.00 per week for a 56 hour week with 72 hours of “on call” time. Find the doctor’s hourly rate of pay (based on the 56 hour week). Page31 Fetac Level 4 Mathematics Finance Module Tax and Tax credits 16) Mary pays income tax at the standard rate of 20% on all her income, and has a tax credit of 3,400. Calculate how much tax she should pay on an annual income of €31,700.00 In addition to tax she has to pay the “Income Levy”. This is calculated as 1.67% of gross income from all sources. If we consider the €32,500 to be her gross income from all sources, calculate how much she should pay for the Income Levy. 17) Joan is paid €10.50 per hour for a 37-hour week and is paid time and a half for any additional hours worked in a given week. If she works 45 hours in a particular week, find her gross pay. Calculate the “income Levy” due. Her standard rate cut off point is €310, and her weekly tax credit is €43, the standard rate of income is 20% and the higher rate is 41% calculate the amount of tax paid this week. No PRSI is due on the first €140, but it is paid at a rate of 4% on the remainder of her wages. How much PRSI will she pay this week? What is her take home pay? Express this as a % of her gross pay. Page32 Fetac Level 4 Mathematics Finance Module Fetac Level 4 Mathematics Module C10139 Name: Date: Page33 Fetac Level 4 Mathematics Finance Module Goods in Bulk 1) As the IT person for a company, one of your jobs is to buy paper for the company. After doing a little Internet research you find the following is available: “5-star” 80g paper at €5.48 per ream for amounts up to three reams. If you buy more than three reams the price drops to €5.35 per ream and if you buy more than 5 reams the price drops to €5.20 per ream. If I want to buy 4 reams of paper, what price per ream do I pay? Find the total cost for 4 reams of paper. (1box). Find the total saving compared to the single ream price. Find the saving per ream. Find the total cost for 10 reams of paper. Find the total savings. Find the savings per ream when I buy ten reams. 2) Another company is offering the same five-star paper at €41.00 for 10 reams. This is the minimum order. Delivering this will cost €21, Calculate the cost per ream including the delivery charge. Calculate the total cost for 20 reams including the delivery charge. Calculate the cost per ream for 20 reams including the delivery charge. Page34 Fetac Level 4 Mathematics Finance Module Simple interest. 3) €11,000.00 is invested for one year. It accrues interest at a rate of 4% per annum. Calculate the interest earned in the first year. 4) €7,500.00 is invested for one year. It accrues interest at the rate of 5% per annum. Calculate the interest earned in the year. Use this figure to work out how much the investment earns each month. 5) Fred lent me €50.00 till the end of the month. I pay him back and buy him a pint, which costs €3.75. If we consider the price of the pint to be the interest paid on the loan, how much did the loan cost me? What the rate of interest, expressed as a percentage, did I pay for the month? What % would this be per year? Page35 Fetac Level 4 Mathematics Finance Module Compound interest. 6) I invested €16,000.00 euro at 3.5% for five years, compound interest. How much money should I get back at the end? 7) I buy A Canon IPF710 A0 printer for €3,600.00 It will depreciate at a rate of 30% per annum. Calculate the value of this company asset after 3 years. Page36 Fetac Level 4 Mathematics Finance Module Hire Purchase Sample data from permanent tsb web site April 27, 2009 8) Hire Purchase agreement for a New car Cash price €11,000 If the bank require 36 monthly payments of €339.21 plus a final completion payment of 1 euro, find the hire purchase price. Find the difference between this and the cash price. 9) Hire purchase agreement for a Used car. Cash price is €8,000. If the bank require 36 monthly payments of €251.23 plus a final completion payment of 1 euro, find the hire purchase price. Page37 Fetac Level 4 Mathematics Finance Module Currency conversions 10) I find a web site in the north where they are offering a Canon IPF710 A0 printer for 2,275 STG. Find out how much this will be in euro’s. ₤1STG = €1.26 11) I want to go to the states on a shopping trip, and I wish to bring $1,500 with me. If the rate of exchange is $1.32= €1 euro, how much will this cost me? 12) I come back from the states having bought nothing, and I want to go north to pick up the printer. If I convert the $1,500 to sterling at a rate of exchange of $1.53=£STG 1.00, How much sterling will I get? Page38 Fetac Level 4 Mathematics Finance Module Pay and Pay related questions Gross pay 13) Paul works in IT support and earns €13.00 per hour for a basic 38 hour week. He receives time and a half for overtime. Calculate his gross wage if he works 42 hours in a week. 14) Carl is paid €8.70 an hour basic and €12.10 per hour overtime. Calculate how much Carl should earn in a normal 37 hour week. Last week Carl worked as Follows: Day Hours Worked Monday 9 Tuesday 8 1/2 Wednesday 10 Thursday 7 Friday 11 How many hours did Carl work last week? How many of these hours were overtime? How much overtime should he be paid? What should his Gross wage be last week? 15) A junior Doctor working in England gets paid €625.00 per week for a 56 hour week with 72 hours of “on call” time. Find the doctor’s hourly rate of pay (based on the 56 hour week). Page39 Fetac Level 4 Mathematics Finance Module Tax and Tax credits 16) Mary pays income tax at the standard rate of 20% on all her income, and has a tax credit of 3,400. Calculate how much tax she should pay on an annual income of €32,400.00 In addition to tax she has to pay the “Income Levy”. This is calculated as 1.67% of gross income from all sources. If we consider the €32,500 to be her gross income from all sources, calculate how much she should pay for the Income Levy. 17) Joan is paid €10.50 per hour for a 37-hour week and is paid time and a half for any additional hours worked in a given week. If she works 45 hours in a particular week, find her gross pay. Calculate the “income Levy” due. Her standard rate cut off point is €310, and her weekly tax credit is €43, the standard rate of income is 20% and the higher rate is 41% calculate the amount of tax paid this week. No PRSI is due on the first €140, but it is paid at a rate of 4% on the remainder of her wages. How much PRSI will she pay this week? What is her take home pay? Express this as a % of her gross pay. Page40 Fetac Level 4 Mathematics Finance Module Page41