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Percentages & Simple Interest

Percentages & Simple Interest. %. Sample Questions & Solutions. Percentages. Find 32% €180 = x 32 = €57.60 Or by calculator = 180 x 32(2 nd f)% = 57.6 = €57.60. 180

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Percentages & Simple Interest

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  1. Percentages & Simple Interest % Sample Questions & Solutions

  2. Percentages • Find 32% €180 = x 32 = €57.60 Or by calculator = 180 x 32(2nd f)% = 57.6 = €57.60 180 100

  3. Percentages • A hardwood flooring supplier dropped his price for 125mm solid oak flooring from €48.50 per m² to €43 per m² • Calculate the % reduction in cost to 2 decimal places • 48.50 – 43 = €5.50 decrease (change) • x 100 • = 11.34% 5.5 48.5

  4. Percentages • A sample of timber has an un-dried weight of 30kg. Its dry weight is 24kg. • Calculate the % Moisture Content (MC) • MC = x 100 • MC = x 100 • MC = x 100 • MC = 25% Answer wet weight – dry weight dry weight 30 - 24 24 6 24

  5. Percentages • A carpenters gross wage is €450 p/w. He/she has tax credits worth €238 p/w. Calculate his/her net wage if the following deductions are made. Union €3.40 (tax free) VHI €7.60 (tax free) Tax 21% PRSI €3.95 Gross income = €450 – €238 – €3.40 – €7.60 = €201 Taxable income = €201 201 @ 21% = €42.21 (Tax) Gross – Deductions = 450 – (42.21 +3.40 + 7.60 + 3.95) Net Wage = 450 – 57.16 =€392.84 Tax credits Union VHI

  6. Percentages • Aroofing job is estimated at €6,200. A breakdown of the costs are shown below. Calculate the percentage of each element.

  7. Percentages • A sub-contractor purchases his materials at the local hardware with a discount of 12%. If the total cost of his last contract was €1,390 and he spent 30% on materials, what was the amount of money he saved with discount. • x 30 = 417 • So €417 = total paid for materials • 100% - 12%(discount) = 88% so 417 = 88% of cost • 417 ÷ 88 (%) = 4.74 • 4.74 x 12 (% discount) = 56.86 • = €56.86 (total saving made with materials discount) 1,390 100

  8. Percentages • A builder wishes to purchase 15 doors @ €120 each, V.A.T must be paid @ 21%, however, he receives a discount of 10%. How much does the builder pay in total ? 15 x 120 = €1800 21% of 1800 = 378 1800 + 378 = €2,178 - 10% = €217.80 2,178 – 217.8 = €1,960.20 Answer

  9. Simple Interest • Calculate the interest paid on a loan of €26,000 over a 5 year term at 8% • Formula for Simple Interest (Rate.(in decimals) x Initial amount)term = (.08 x 26,000)5 = €10,400 Answer

  10. Profit & Loss • A building contractor completed a project worth €280,000. He was left with a profit of €35,000 after all costs 7 overheads were paid • Calculate the percentage of profit that he made • Formula: % = x 100 • x 100 • = 12.5% Number Total 35,000 280,000

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