1. Mohammad Asif Karimi

2. Your wage is $70,000 per annum from which you pay tax; calculate the tax to the nearest dollar.  70 000 – 35 001  34 999  34 999 0.30  10 499  10 499 + 4350  14 849.70 You pay $14 849.70 tax

3. After subtracting the tax from your wage, calculate your monthly take home wage.  70 000 – 14 849.70  55 150.30  55 150.3 / 12  4595.86 The monthly wage he gets with tax subtracted is $4595.8

4. You purchased a motor bike for $5000 and sold it for $4000. Did you make profit or loss? How much profit or loss did you make in percentage.  5000 – 4000  1000  1000 / 5000 100  20% You have made a 20 percent loss.

5. Assume that 8% of your income is $ 4000, what is your actual income?  x 0.08 = 4000  x = 0.08 / 4000  x = 50 000 Your annual income is $ 50 000.

6. Select a house, find out the house price and set up a loan over 25 years and make monthly payments on this loan. Assume the current rate is 5% p.a. Compounding monthly. How much do you pay in 25 years?   A = 2088795.07  At the end of 25 years you would have to pay $2088795.07. $600,000 - $650,000

7. Purchase a car on hire purchase without a deposit. For convenience make monthly repayments for 3 years at the interest rate of 8% p.a. At simple interest. What would be the monthly repayments?  I =  I = 24 000  A = 24000 + 150 000  17400  RP = 174 000 36  Repayment per month $4833.33

8. Yu planned to invest $ 8500 in a term deposit. You have two investment plans from which to choose: Plan 1. Simple interest at 5 % p.a. Plan 2. Compound interest at 5 % compounding every six months. a) Calculate the total interest earned if you have invested your money using plan 1 for a year. b) Calculate to the nearest cent, total interest earned if you invested your money using plan 2 for one year. c) Calculate the simple interest rate that would provide the same total interest earned under plan2 for an investment of $8500 for one year. Give your answer correct to 2 decimal places.

9. Yu planned to invest $ 8500 in a term deposit. You have two investment plans from which to choose: a)b)c)