Simple Interest & Budgets (Grade 8) — Worksheet & Memo

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Grade 8 · Financial Maths

Simple Interest & Budgets (Grade 8)

MEMORANDUM

Name:

Class:

Date:

Mark

/ 18

Answer all questions. Show all your working — marks are awarded for method as well as the final answer. Teacher copy: accept any correct equivalent method.

1
Calculate the simple interest on R4 000 at 7,5% p.a. for 3 years.
(2)
4 000 × 0,075 × 3 = R900✓✓ (2)
2
Calculate the total amount in the account after those 3 years.
(2)
4 000 + 900 = R4900✓✓ (2)
3
Calculate the simple interest on R1 500 at 6% p.a. for 4 years.
(2)
1 500 × 0,06 × 4 = R360✓✓ (2)
4
Write 7,5% as a decimal.
(2)
7,5 ÷ 100 = 0,075✓✓ (2)
5
Using the budget below, calculate the total monthly expenses.
(2)
2 200 + 1 500 + 900 + 650 + 300 + 950 = R6500✓✓ (2)
6
Using the budget below, what percentage of the income goes on rent?
(2)
2 2006500 × 100 = 33,8%✓✓ (2)
7
Using the budget below, calculate the surplus.
(2)
6500 − 6500 = R0 — the budget balances exactly✓✓ (2)
8
If transport rises from R900 to R1 300 and nothing else changes, calculate the new surplus.
(2)
6500 − 6900 = −R400, a deficit✓✓ (2)
9
What does it mean if a budget shows a deficit?
(2)
Expenses are more than income — you are spending money you do not have.✓✓ (2)

TOTAL: 18 marks