- MA5-FIN-C-01 solves financial problems involving simple interest, earning money and spending money
đź“– Prior Knowledge
| Content | Prior knowledge | Used for |
|---|---|---|
| Fractions Decimals Percentages | - converting FDP - operating with FDP | - percentage operations in simple interest, commission, bonuses, leave loading, tax, etc. |
| Equations A | - solving equations | - problems involving the financial mathematics formulas |
Solve problems involving earning money.pdf
- Solve problems involving wages given an hourly rate of pay including penalty rates for overtime, weekends and public holidays
- Calculate earnings from non-wage sources exploring commission, piece work and royalties
- Calculate weekly, fortnightly, monthly and yearly earnings assuming 1 year = 52 weeks
- Calculate leave loading by finding a percentage of eligible normal pay
- Investigate sources of published tables or online calculators and use these to calculate the weekly, fortnightly or monthly tax to be deducted from a worker’s pay under the Australian Pay-As-You-Go (PAYG) taxation system
- Determine annual taxable income by exploring allowable deductions and current tax rates
- Calculate net earnings after deductions and taxation
Solve problems involving simple interest.pdf
- Establish and use the formula  to find simple interest where = simple interest, = principal, = interest rate per time period and = number of time periods
- Apply the simple interest formula to solve problems related to investing money at simple interest rates, both algebraically and graphically
Solve problems involving spending money.pdf
- Calculate the cost of buying items on terms, by paying an initial deposit and making regular repayments
- Examine payment options involving buy now, pay later and investigate the costs associated with these schemes for purchasing goods
- Examine the principles behind short-term loans involving small dollar amounts and compare borrowing costs associated with using these products