Financial Calculations for Students: Practical Examples and Solutions
Explore essential financial calculations for students, including pricing, discounts, repayments, and more. Learn how to calculate instalments, interest rates, selling prices, and make price comparisons with clear examples and step-by-step solutions. Perfect resource for enhancing financial numeracy skills in daily life and work.
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Financial calculations www.kent.ac.uk/student-learning-advisory-service
Financial calculations Financial calculations Introduction Financial numeracy life and work Calculating prices, discounts, repayments, price comparisons, basic interest, etc. All students MPharm stage 1 students
Repayments Repayments You put down 500 deposit on a car with a selling price of 3995. The remainder is to be paid in 30 equal monthly instalments (interest-free). How much will each instalment be? 3995 500 = 3495 3495 30 = ???.?? ???
Repayments (with interest) Repayments (with interest) You put down a 20% deposit on a car costing 2600. You take out a one-year loan to pay the remainder at an annual interest rate of 4.5%, to be repaid in 12 equal monthly instalments. How much will each instalment be (to the nearest pence)? 2,800 0.8 = 2,240 2,240 1.045 = 2173.60 2340.80 12 = ???.??
Pricing Pricing A product costs 18.00, plus a special order handling charge of 3.50. Assuming a fixed sales mark-up of 30%, plus VAT at 20%, what would the selling price be? 18.00 + 3.50 = 21.50 21.50 130 100= 27.95 27.95 120 100= ??.??
Price comparisons Price comparisons The same item is available from two suppliers. Supplier A is charging RRP ( 125.00) less 5%, and free delivery for all orders over 50.00. Supplier B is charging RRP less 10%, but a delivery charge of 6.95. Which is the cheaper option (and by how much)? 95 100= 118.75 ???????? ?: 125 90 100= 112.50 + 6.95 = 119.45 ???????? ?: 125 ???????? ? ? ????? ?? ?.??
Discounts Discounts If an item is offered for sale at a reduced price of 796.00, and the reduction is shown as 20%, how much of a saving (in ) does this represent over the full price? 80 100 ? (???????? ?????) 796 = ? = 796 100 = 995 80 995 796 = ???
Commission Commission You receive a 7.5% commission on sales of product X. If you received 2,400 in commission last year, what were you total sales of product X? 2,400 =7.5 100 ? (????? ?????) ? = 2,400 100 = ??,??? 7.5
Financial calculations Financial calculations Conclusion Calculating prices, discounts, repayments, price comparisons, basic interest, etc. Financial numeracy life and work
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