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Financial Mathematics

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Peiti Haines

on 7 March 2015

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Transcript of Financial Mathematics

Financial Mathematics
Year 9MAT1
Informal Task

Income of Teacher
Type of Income
Teachers are paid a salary that is converted into fortnightly payments
A salary of $61,310 will become gross fortnightly pay of $2,358.08
Income Tax
This salary would attract income tax. Using the tax table, the tax payable for the year would be
3572+0.325*(61310-37000) =$11,472.75
Investment Account
An investment account available from Commonwealth Bank is
I have an investment in this account of $15,000 for the full 60 months.
At the end of this time the value is
15000*(1.03)^5= $17,389.11
I have earned $2389.11 interest
Investment Account
Purchase on Terms
Depreciation of car
Best Buys and GST

Purchase on Terms
To purchase this TV with the terms of 10% simple interest of 5% p.a for 3 years and equal monthly repayments over 3 years
Deposit = 0.1 x 7298
Balance = 7298 - 729.80
= $6568.20
Interest = 6568.20 x 0.05 x 3
= 985.23
Total Repayments = 6568.30+985.23
Monthly Repayment = 7553.53/36
Depreciation of Car
In 2015, the prices above are comparing a 3 year old car to a 4 year old car of the same model
The car has depreciated by $4,500 for lowest level of private price guide.
This is a % decrease of 4500/23800 x 100
= 18.9%
Best Buys and GST
Best Buys
The prices per 100g are given in the images.
If the 200g jar was not on special it would be at a cost of $9.19 / 100g
Need to consider whether 400g is appropriate to purchase even with cheaper price
Purchasing the 200g jar of coffee for $13 is inclusive of GST
The GST for this would be
$13 divided by 110 x 10 = $1.18
Pre-GST price is $11.81
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